- KuCoin is launching a crypto mining pool on its platform.
- Miners can now earn passive income with Proof-of-Work mining.
- Miners using renewable energy to mine will enjoy a discount on fees.
KuCoin crypto exchange is launching a mining pool that will provide revenue to Proof-of-Work (PoW) miners once they have integrated their rigs. This KuCoin Pool product will enable miners to contribute to Bitcoin (BTC) and Bitcoin Cash (BCH) to share rewards.
In fact, the Seychelles-based exchange will all miners from all over the world to take part in this offer. However, miners must make sure to install and run the required hardware by themselves in order to join the pool. Additionally, KuCoin says that it will eventually provide cloud mining as well.
To highlight, the CEO of KuCoin — Johnny Lyu claims that the pool will reward those miners who will use sustainable solutions. Therefore, those mining with renewable energy will enjoy discounts on fees. This is an initiative set forth by the exchange to implement a gradual shift and to elevate cleaner energy use.
To add on, Lyu says that existing KuCoin users can directly set up their mining devices to gain passive income immediately. Also, with this new initiative, miners will benefit from a one-stop mining service platform. Moreso, with the features offered by the platform, they can set up and get running instantly.
KuCoin has been active since 2017. Unlike most exchanges, it has initiated crypto mining a little later than most. However, they have launched this operation at a critical time where renewable energy sources for mining have begun to rise. Thus, this new initiative could really put KuCoin on the map when it comes to crypto mining.
Besides, it’s not only exchanges that have begun to embrace green initiatives for mining. El Salvador recently made Bitcoin a legal tender. Soon after this decision, the country began drafting plans to mine Bitcoin with the geothermal power of its volcanoes.
Another contribution to mining with renewable energy is due to the crypto mining crackdowns in China. This pushed many miners to either relocate or switch to renewable sources for mining their cryptos.