East-African crypto exchange KuCoin is launching a mining pool to provide revenue to proof-of-work miners. The crypto exchange announced it on Wednesday.
In the announcement, the exchange stated that its KuCoin pool product allows miners worldwide to contribute to Bitcoin and Bitcoin Cash. In addition, users can also share the rewards done to the mining pools. Currently, miners have to install and run the required hardware to join the pool. However, KuCoin stated that it would introduce cloud mining in the future.
CEO of KuCoin, Johnny Lyu, said optimistically that miners would join these environmentally-friendly solutions in encouragement. Moreover, people using renewable sources of energy for mining will receive discounts on fees. All in all, this move is mining firms transitioning to renewable energy sources.
He said, “For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away.”
“Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly.”
While KuCoin opening its mining pool is a big achievement for the crypto exchange, major firms like Binance launched their mining pool last year. The pool operated with zero fees for a while, after which the rate is set at 2.5%.
Moreover, Binance Pool also supports Proof-of-Work (PoW) and Proof-of-Stake (PoS) mining mechanisms. As a result, users on the Binance ecosystem can easily transfer funds between Binance Pool and other platforms like trading, lending, and staking.
However, coming back to KuCoin, the crypto exchange has recently reached 10 million users.