According to CEO Johnny Lyu, people using renewable energy sources for mining will receive discounts on fees.
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.
Related: Are KuCoin Shares overvalued after KCS price gains 100% in one month?
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.
source link : https://cointelegraph.com/news/kucoin-encourages-greener-crypto-mining-with-proof-of-work-pool
