Singapore-based crypto exchange KuCoin is launching a mining pool aimed at providing revenue to proof-of-work miners after integrating their rigs.
In a Wednesday announcement, the exchange said its KuCoin Pool product would allow miners around the world to contribute to the Bitcoin (BTC) and Bitcoin Cash (BCH) and share rewards. At the moment, miners are required to install and run the necessary hardware themselves to join the pool, but KuCoin said it would introduce mining in the cloud in the future.
KuCoin CEO Johnny Lyu also claimed the pool would be encouraging miners to participate in environmentally-friendly solutions — people using renewable energy sources for mining will receive discounts on fees. The move is seemingly part of a shift in many mining firms beginning to transition to cleaner or renewable energy.
“For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away,” said Lyu. “Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly.”
The exchange is coming in late to mining when compared with major firms like Binance, which launched its mining pool in April 2020. According to blockchain data, some of the largest BTC miners include Antpool — owned by Chinese mining giant Bitmain — Poolin, ViaBTC, and F2Pool.
Launched in 2017, KuCoin reported this week that it had reached 10 million users, having risen by 1,114% in the last year. Last year, hackers stole roughly $275 million from the exchange before KuCoin was able to recover the majority of the funds.