Seychelles-based crypto commutation KuCoin is launching a mining puddle aimed at providing acquirement to proof-of-work miners subsequently integrating their rigs.

In a Wednesday annunciation, the substitution said its KuCoin Pool product would allow miners around the world to contribute to the Bitcoin (BTC) and Bitcoin Greenbacks (BCH) and share rewards. At the moment, miners are required to install and run the necessary hardware themselves to bring together the pool, simply KuCoin said it would innovate mining in the cloud in the future.

KuCoin CEO Johnny Lyu as well claimed the pool would exist encouraging miners to participate in environmentally-friendly solutions — people using renewable energy sources for mining will receive discounts on fees. The movement is seemingly function of a shift in many mining firms beginning to transition to cleaner or renewable energy.

"For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right abroad," said Lyu. "Miners can benefit from the one-end mining service platform and its features to get up and running very quickly."

The exchange is coming in late to mining when compared with major firms like Binance, which launched its mining pool in Apr 2020. According to blockchain information, some of the largest BTC miners include Antpool — owned by Chinese mining giant Bitmain — Poolin, ViaBTC, and F2Pool.

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Launched in 2017, KuCoin reported this week that it had reached 10 million users, having risen by 1,114% in the final twelvemonth. Last twelvemonth, hackers stole roughly $275 one thousand thousand from the exchange earlier KuCoin was able to recover the majority of the funds.