According to Cointelegraph, KuCoin’s Bitcoin and Litecoin mining pools will be suspended on August 15, 2023,( 4:00 pm UTC) until further notice.
It is believed that the exchange mentioned that the decision was “in line with KuCoin’s evolving business strategy” but didn’t explain further. Supposedly, it’s not clear whether the decision is related to the upcoming Litecoin halving or not, Cointelegraph added.
“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),” a staff from KuCoin explained.
The exchange is expected to have warned users to back up and preserve their mining records and related data before August 27, 2023, Cointelegraph highlighted.
Furthermore, it is expected that KuCoin is preparing to lay off about 30% of its workforce. However, the exchange denied that it had not initiated any layoff plans, Cointelegraph concluded.
(With insights from Cointelegraph)