KuCoin, one of the world’s largest cryptocurrency exchanges, has temporarily halted its KuCoin Pool service, effective August 15, 2023, until further notice. The move is part of KuCoin’s business strategy and aims to ensure the security and integrity of users’ assets.
KuCoin Urges Users To Backup Mining Records
During the suspension, users will retain complete access and control over their assets, and all other KuCoin offerings will remain operational as usual.
However, users who are involved in cryptocurrency mining are advised to transition their Bitcoin (BTC) and Litecoin (LTC) miners to alternative mining pools before the deadline to ensure uninterrupted earnings.
KuCoin has also advised users to back up and preserve their mining records and associated data before August 27, 2023, as failure to migrate to alternative mining pools within the specified timeline could affect their mining revenue.
Nevertheless, KuCoin Pool will not be held accountable for any potential earnings lapses resulting from users’ failure to migrate to alternative pools.
The temporary suspension of KuCoin’s mining pools may cause some disruption in the crypto market, as mining plays an important role in the ecosystem. Despite this, it is worth noting that KuCoin is just one exchange, and its suspension may not have a significant impact on the overall market.
KuCoin has assured its users that the suspension is temporary, and the company is working on a new strategy for its mining pool service. The company has also emphasized that the security and integrity of users’ assets remain its top priority, and it will take all necessary steps to ensure the safety of users’ funds.
Litecoin Halving Triggers Price Drop
Litecoin, one of the oldest and most popular cryptocurrencies, has completed its third block reward halving at a block height of 2,520,000, as reported by Colin Wu. The halving event has cut the mining reward in half, from 12.5 LTC to 6.25 LTC, as part of the cryptocurrency’s deflationary monetary policy.
The halving is a regular event that occurs approximately every four years and is designed to control the rate at which new coins are minted. By reducing the reward for mining new blocks, the halving helps to prevent inflation and maintain the scarcity of the cryptocurrency.
The current price of Litecoin is $89.12, which represents a 3.8% decline over the past 24 hours and a 10% decline over the past six months. The price…
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