KuCoin Sets Up Mining Pool, Endorses ‘Green Energy’ Mining
Cryptocurrency exchange KuCoin joins the league of exchanges providing support for crypto mining. According to the exchange, using the proof-of-work mechanism, miners will be able to earn passive revenue for themselves just by integrating their rigs with the pool. KuCoin is providing incentives for miners who will begin their operations on the pool with green energy or a clean energy source.
In a Wednesday statement, KuCoin noted that its mining pool will be open to Bitcoin miners globally. Flagship cryptocurrency, Bitcoin and fork of the former, Bitcoin Cash (BCH) will both be mined on the pool while participating miners benefit from the rewards. Currently, miners have to set up the mining rigs themselves and connect to the pool, until KuCoin rolls out cloud mining at a later time.
KuCoin Offers Incentives to Green BTC Miners
CEO of the exchange, Johnny Lyu reasoned that the KuCoin will endorse the adoption of means not harmful to the climate. As such, active miners who resort to green energy such as nuclear or hydropower, will get incentives in the form of discounted fees. This idea resonates with calls and efforts being made lately to transition from carbon-producing energy to greener energy. Moreover, this had been the basis for China’s mining ban back in May, and the exodus of mining firms from the Asian country, in the weeks that followed.
Founder Lyu added that for old users of KuCoin, the process of assembling their rigs to earn passive revenue will be relatively easy. As he said, miners can take advantage of KuCoin’s one-stop mining pool to forge ahead in their operations.
Active Miners To Get Bitcoin and Bitcoin Cash Rewards
Based on the current reward for Bitcoin mining, miners may have to share the 6.25 BTC perhaps equally or depending on the hash rate each miner adds to the pool. Since Bitcoin Cash (BCH) is a fork of Bitcoin, the same amount of reward applies. The essence of a mining pool is that it makes it easy for the computational tasks on the PoW algorithm to be solved since they are distributed among miners rather than just competing to resolve them.
However, in light of an anticipated halving by 2024, mining rewards for both cryptocurrencies will reduce to 3.125 BTC or BCH, depending on the pool. As of 2017, Bitcoin miners earned 12.5 BTC for every block they solved.
KuCoin is relatively late to the party for crypto mining, trailing behind leading crypto broker Binance, which set up its mining pool in April last year. Some of the largest non- crypto exchange Bitcoin miners are Antpool, F2Pool and Poolin.
Antpool attempts at going public both in 2019 and 2020 ended futile. Meanwhile, institutional investors are already picking interest in Bitcoin mining shares, according to reports. Global asset manager, BlackRock owns $400 million worth of Bitcoin mining shares of two mining firms- Riot Blockchain and Marathon Digital Holdings.
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