According to CEO Johnny Lyu, individuals that mine using renewable energy sources will receive fee reductions.
KuCoin, a cryptocurrency exchange based in Seychelles, has launched a mining pool focused on compensating proof-of-work miners for integrating their rigs. The exchange announced Wednesday that its KuCoin Pool offering would enable miners worldwide to contribute to the Bitcoin (BTC) and Bitcoin Cash (BCH) blockchains and share rewards. At the moment, miners must install and run the appropriate hardware in order to join the pool, but KuCoin has stated that it would introduce cloud mining in the future.
Additionally, KuCoin CEO Johnny Lyu stated that the pool would be encouraging miners to use environmentally friendly solutions by offering fee discounts to those that mine using renewable energy sources. The move appears to be part of a trend in which many mining companies are beginning to convert to cleaner or renewable energy sources.
“For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away,” said Lyu. “Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly.”
The exchange is lagging behind large corporations such as Binance, which opened its mining pool in April 2020. Several of the largest Bitcoin miners, according to blockchain data, include Antpool — which is controlled by Chinese mining giant Bitmain — Poolin, ViaBTC, and F2Pool.
KuCoin, which launched in 2017, announced this week that it has surpassed 10 million users, an increase of 1,114 percent over the last year. Hackers stole approximately $275 million from the exchange last year, but KuCoin was able to recover the majority of the assets.
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