OKX to Close Its Mining Pool

From January 26, cryptocurrency exchange OKX will cease registering new users for its mining pool.

Simultaneously, the trading platform will shut down all affiliated services. Existing pool participants will be able to use it until February 25.

According to OKX, the decision was made due to “business adjustments.”

The exchange’s pool supported the mining of several cryptocurrencies with a Proof-of-Work consensus mechanism and also offered Ethereum staking services.

However, over time, the number of available assets dwindled to Bitcoin, Litecoin, and Ethereum Classic. In total, the pool had 19 active miners.

According to BTC.com, in 2020, OKX’s service produced about 5% of the blocks in the Bitcoin network.

However, in the autumn of 2020, the hash rate plummeted from 9000 PH/s to 20 PH/s. This occurred after a temporary suspension of withdrawals from the cryptocurrency exchange on October 16, as one of the private key holders was “cooperating with the Ministry of Public Security of China in investigations.”

At the time of writing, the pool’s power is less than 0.0001% of Bitcoin’s hash rate — 528 TH/s.

Earlier, on January 24, 2024, the price of OKX’s token — OKB — plummeted from $51 to $25, but later recovered to $45. Exchange representatives attributed the price drop to the liquidation of several large positions, whose collateral was insufficient.