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<p class="is-style-lead">KuCoin, an exchange with over 20 million clients, will pause its Bitcoin and Litecoin mining pools on Aug. 16 as part of a shift towards its core business focus. Recent layoffs, rumored to have affected almost 30% of its workforce, prompted the move. </p> 
<p class="is-style-default">The KuCoin Bitcoin mining pool’s hash rate currently stands at 9.60 EH/s.</p> 
<h2 class="wp-block-heading" id="kucoin-changing-tactics">KuCoin changing tactics</h2> 
<p>In an Aug. 1&nbsp;<a href="https://www.kucoin.com/announcement/zh-announcement-kucoin-pool-to-temporarily-suspend-operations" target="_blank" rel="noopener noreferrer nofollow">announcement</a>, KuCoin will temporarily suspend its pool service from Aug. 15, 2023, at 16:00:00 (UTC) until further updates are released.</p> 
<p>KuCoin Pool was suspended just shy of its second anniversary. The ultimate goal of the service was to grow into one of the largest proof-of-work mining pools globally to enhance the security of various public chains.&nbsp;</p> 
<p>Despite offering <a href="https://crypto.news/microstrategy-will-buy-more-bitcoins-q2-report-says/" data-type="post" data-id="14182609" rel="noopener noreferrer nofollow">Bitcoin</a> and Litecoin mining services, it was touted as one of the top performing pools.</p> 
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 <img decoding="async" width="1024" height="262" src="https://crypto.news/app/uploads/2023/08/Screen-Shot-2023-08-02-at-9.16.57-AM-1024x262.png" alt="KuCoin suspends Bitcoin and Litecoin mining pools - 1" class="wp-image-14182695"> 
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   KuCoin Pool Hashrates |&nbsp;Source: <a href="https://www.kucoin.com/mining-pool" target="_blank" rel="noopener noreferrer nofollow">KuCoin</a> 
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<p>Users will have secure access and total control over their assets during the interim phase. KuCoin’s other offerings will continue without interruption.</p> 
<p> You might also like: <a href="https://crypto.news/kucoins-ceo-refutes-30-layoff-rumors/" rel="noopener noreferrer nofollow"> KuCoin’s CEO refutes 30% layoff rumors </a> </p> 
<p>With this directive, Bitcoin and Litecoin miners have to explore alternative pools before the deadline. At the same time, all customers should back up and preserve essential records by Aug. 27, 2023 (UTC).</p> 
<h2 class="wp-block-heading" id="tightening-the-rules">Tightening the rules</h2> 
<p>KuCoin pinned the decision to suspend its mining pool to their evolving business strategy.</p> 
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   <p lang="en" dir="ltr">SCOOP: Following Binance, cryptocurrency exchange KuCoin will lay off 30% of its workforce. Confirmed by more than three internal employees. KuCoin has nearly 1,000 employees. The main reason is that the strict KYC policy was launched after being sued by the United States, which…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1683821842447106048?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 25, 2023</a> 
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<p>On July 25, a crypto reporter, Colin Wu, said KuCoin is downsizing like Binance.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="Binance considers thousands of layoffs, and ARK sells more Coinbase stock: CNBC Crypto World" width="1020" height="574" src="https://www.youtube.com/embed/aiBWooRu2gM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>KuCoin said the job cuts weren’t due to performance but were aimed at improving their main business. However, this could be a way to navigate regulatory changes and overcome dicey market conditions. Therefore, suspending their mining pool and letting go of some employees can be a way for the exchange to remain competitive.</p> 
<p> Read more: <a href="https://crypto.news/kucoin-to-implement-kyc-in-july-toads-prices-expected-to-surge/" rel="noopener noreferrer nofollow"> KuCoin to implement KYC in July, TOADS prices expected to surge </a> </p>

KuCoin suspends Bitcoin and Litecoin mining pools

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