KuCoin’s proof-of-work pool fosters more environmentally friendly crypto mining

• According to CEO Johnny Lyu, the pool will strive to encourage green mining by offering discounts to miners that use renewable energy
• Crypto mining has proven to be a lucrative venture. Riot Blockchain, a cryptocurrency mining startup, announced sales of $34.3 million in the second quarter, with a net income of 22 cents per share
• The excessive energy consumption of proof-of-work mining has enraged regulators, particularly in China, and several businesses are working to find ways to make the industry more sustainable

Mining fees will be reduced for those who use renewable energy sources, according to CEO Johnny Lyu. KuCoin, a cryptocurrency exchange based in Seychelles, is creating a mining pool to pay proof-of-work miners when they integrate their rigs.

KuCoin services for its miners

The exchange stated in a statement on Wednesday that its KuCoin Pool offering will allow miners all over the world to contribute to Bitcoin (BTC) and Bitcoin Cash (BCH) mining pools and share rewards. Miners must now install and run the requisite hardware in order to join the pool, however, KuCoin has stated that mining in the cloud will be available in the future.

KuCoin CEO Johnny Lyu further claimed that the pool would encourage miners to use environmentally friendly solutions by offering fee reductions to those who mine with renewable energy sources. The decision appears to be part of a trend in which many mining companies are switching to cleaner or renewable energy sources.

Views of Johnny Lu on KuCoin

Existing KuCoin users will find it simple to set up their mining machines and start earning money right now, according to Lyu. Miners may take advantage of the one-stop mining service platform and its capabilities to swiftly get up and operating.

When compared to large corporations like Binance, which opened its mining pool in April 2020, the exchange is late to mining. Antpool, which is controlled by Chinese mining giant Bitmain, Poolin, ViaBTC, and F2Pool are among the largest BTC miners, according to blockchain statistics.

KuCoin, which was founded in 2017, announced this week that it has surpassed 10 million users, an increase of 1,114 percent over the previous year. Hackers took $275 million from the exchange last year, but KuCoin was able to recover the majority of the assets.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.