Mining fees will be reduced for those who use renewable energy sources, according to CEO Johnny Lyu.
KuCoin, a cryptocurrency exchange based in the Seychelles, is creating a mining pool to pay proof-of-work miners when they integrate their rigs.
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 gear in order to join the pool, however KuCoin has stated that cloud mining will be available in the future.
KuCoin CEO Johnny Lyu further stated that the pool would encourage miners to participate in environmentally friendly solutions by offering fee discounts to those who use renewable energy sources for mining. The decision appears to be part of a trend in which many mining companies are beginning to migrate to cleaner or renewable energy.
“Existing KuCoin users will find it simple to set up their mining devices to produce passive money right away,” Lyu said. “Miners can take advantage of the one-stop mining service platform and its capabilities to swiftly get up and running.”
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.