KuCoin to suspend Bitcoin and Litecoin mining pools

On 15 August, the crypto exchange KuCoin will temporarily halt mining pools for Bitcoin and Litecoin (LTC).

Representatives of the platform said the move aligns with the company’s evolving business strategy.

Users will retain full access and control over their assets. However, until 15 August, clients must migrate their activity to alternative services, KuCoin noted.

“We will assess whether a restart is required depending on market conditions and user demand in the future,” the company representative told The Block.

According to him, KuCoin will focus on its core product and delivering a safer and more convenient trading platform.

The shutdown of the pools coincided with the Litecoin halving, as a result of which the reward for a mined block in the network fell from 12.5 LTC to 6.25 LTC.

Since then, the asset’s price has declined, by 5.2% over the 24 hours, according to CoinGecko. At the time of writing, LTC trades at $86.05.

Earlier in June, Binance launched the Cloud Mining, which allows users to purchase hash rate and mine Bitcoin in the cloud.