KuCoin Launches Proof-of-Work Mining Pool

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

AccessTimeIconAug 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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.