August 15 KuCoin crypto exchange temporarily stop work mining pools for the first cryptocurrency and Litecoin (LTC).
The platform said the move was “in line with the evolving business strategy” of the company.
Users will retain full access and control over their assets. However, until August 15, customers must transfer their activities to alternative services, KuCoin noted.
“We will see if a restart is needed depending on the market and user demand going forward,” a company spokesperson told The Block.
According to him, KuCoin will focus on its core product and provide a more secure and convenient trading platform.
The shutdown of the pools coincided with the Litecoin halving, which reduced the block reward for a block mined on the network from 12.5 LTC to 6.25 LTC.
After that, the asset rate began to decline, declining by 5.2% per day, according to CoinGecko. At the time of writing, LTC is trading at $86.05.
Binance 15-minute LTC/USDT chart. Data: TradingView.
Recall that in June, the Binance exchange launched the Cloud Mining service, which allows users to purchase hashrate and mine bitcoin in the cloud.
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2023-08-03 08:59:49
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