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Breaking news: US Sanctions Enforcer Blacklists a Crypto Exchange for First Time

KuCoin Launches Proof-of-Work Mining Pool

KuCoin says the pool will incentivize the use of renewable energy.

Aug 25, 2021 at 11:46 a.m. UTC
Updated Sep 14, 2021 at 1:44 p.m. UTC

Crypto exchange KuCoin is launching a proof-of-work mining pool that it says will offer "much lower mining fees" and improved mining efficiency.

  • The pool will try to incentivize green mining by offering discounts to miners using renewable energy, CEO Johnny Lyu said in a statement.
  • Crypto mining has proved to be a profitable business. Earlier this week, mining company Riot Blockchain reported revenue rose to a record $34.3 million in the second quarter and net income came in at 22 cents per share.
  • The high energy consumption of proof-of-work mining has attracted the ire of regulators, notably in China, and many companies are trying to come up with ways to make the industry sustainable.

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