Users were cautioned to save any mining data and records before August 27.
There have been rumors that KuCoin plans to lay off 30 percent of its staff.
KuCoin, a cryptocurrency exchange, has decided to suspend its Bitcoin and Litecoin mining pools as of August 16. The decision was reportedly made in response to recent layoffs that, according to rumors, impacted close to 30% of its personnel. The alleged layoff news was denied by the exchange, calling it a normal organization restructuring.
According to the exchange, the move is “in line with KuCoin’s evolving business strategy,” however they did not provide any additional explanation. It’s not apparent whether this choice has anything to do with the recently completed halving of Litecoin.
The exchange stated:
“To ensure uninterrupted earnings during our temporary suspension, users who are involved in cryptocurrency mining, we recommend transitioning your BTC and LTC miners to alternative mining pools before 16:00:00 on August 15, 2023 (UTC).”
Look Out for Other Pools
Users were also cautioned by the exchange to save any mining data and records before August 27. The current hash rates of the exchange’s Bitcoin and Litecoin mining pools are 9.08 EH/s and 3.90 TH/s, respectively. The total hash rate of the Bitcoin network is 349.19 EH/s, whereas the Litecoin network is 792.16 TH/s.
KuCoin has required its users to comply with Know Your Customer (KYC) regulations since the month of July. If current users don’t complete KYC, they won’t be able to make deposits. The exchange claims to have over twenty million users. With this announcement, Bitcoin and Litecoin miners have to look into other pools before the due date.