VICTORIA, Seychelles, Aug. 25, 2021 /PRNewswire/ -- KuCoin, a global leading crypto exchange, is proud to announce the launch of its KuCoin Pool product. The Proof-of-Work mining pool will support global cryptocurrency miners by providing mining revenue after connecting their mining rigs.
Mining is an indispensable part of the blockchain industry as an underlying infrastructure, especially with the dominance of the PoW consensus algorithm. As an important innovation in blockchain history, mining achieved a win-win situation for both blockchain projects and miners, with the former obtaining security and the latter getting rewards. Therefore, loads of miners joined the activities at the initial stage of blockchain development.
However, as the mining difficulty increased, the proportion of individual hashrate is largely reduced to obtain a stable income, except for the fixed costs of electricity, Internet, and equipment maintenance. Therefore, the mining pool was created to pursue a more stable income by connecting global miners to the platform to share hashrate and rewards.
KuCoin Pool is a platform built by KuCoin. It aims to serve global crypto miners who can integrate their mining rigs to the KuCoin Pool and earn continuous rewards. KuCoin team creates the KuCoin Pool concept with over six-year of expertise in the cryptocurrency mining industry. That knowledge offers much lower mining fees than other pools and more efficient mining rewards for those who contribute. Additionally, KuCoin Pool will offer improved mining efficiency and a convenient interface to cater to miners worldwide.
"For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away. Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly," said Johnny Lyu, CEO of KuCoin, "Our Pool team also wants to provide environmentally-friendly mining solutions. Any miner relying on renewable energy will receive mining fee discounts."
In the future, the KuCoin Pool will lower the entry threshold for new miners and introduce mining in the cloud. That later option will remove the need for users to install and run the mining hardware themselves. KuCoin wants to give all of its users the ability to enjoy this one-stop mining service and explore its benefits.
Launched in September 2017, KuCoin is a global cryptocurrency exchange for over 400 digital assets. It currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 8 million users in 207 countries and regions around the world. In 2018, KuCoin secured $20 million in Round A funding from IDG Capital and Matrix Partners. According to CoinMarketCap, KuCoin is currently the fifth biggest crypto exchange. In 2021, Forbes named KuCoin as one of the Best Crypto Exchanges of 2021. For more information, please visit www.kucoin.com.