KuCoin Launches Proof-of-Work Mining Pool
KuCoin says the pool will incentivize the use of renewable energy.
Updated Sep 14, 2021 at 1:44 p.m. UTC
![Hydroelectric energy is widely used as a source of clean power for mining.](https://www.coindesk.com/resizer/ri7SMTiXvwCKSqXLI_XlNqGsUfQ=/567x366/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3CEYUIDPBBHDVNKLYVJBONJZ3Q.jpg)
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.