Cryptocurrency exchange KuCoin to suspend Bitcoin mining services

KuCoin cryptocurrency exchange will suspend Bitcoin and Litecoin mining services

Users will retain full access and control over their assets throughout the suspension period

Cryptocurrency exchange KuCoin has announced the suspension of bitcoin and Litecoin (LTC) mining services, which it provides through its own mining pool KuCoin Pool, from August 15. KuCoin Pool's current hashrate for Bitcoin is 9.10 EH/s and for LTC is 3.87 EH/s.

When this service will be resumed, the exchange does not say but promises that until then, users will retain full access and control over their assets. KuCoin's other offerings will also work, it said.

KuCoin representatives recommended that users of the pool find an alternative to it by August 15. The company also advised backing up all data from accounts by August 27 to avoid losing funds after the service closes.

In July, journalist Colin Wu reported that the cryptocurrency exchange KuCoin will lay off 30% of its staff. It was noted that the main reason for the upcoming layoffs is the company's falling profits, which was the result of a lawsuit from the US authorities.

KuCoin crypto exchange was founded in 2014 and registered in Seychelles. It is among the top 10 largest crypto platforms with a daily trading volume of more than $436 million, according to Coingecko.