OKX shuts down mining pool due to declining user and hashrate numbers
According to a statement on January 26, cryptocurrency exchange OKX plans to discontinue mining pool services due to “business adjustments.”
The platform said it had stopped registering new customers effective immediately. Existing users will be able to access the platform until February 25th, after which all mining pool-related services will be suspended until February 26th.
“Due to business adjustments, OKX will soon discontinue its mining pool and related services. We apologize for any inconvenience caused,” OKX said.
OKX has not responded yet CryptoSlate’s Comment is requested as of press time.
Mining pools integrate the computational power of multiple miners to improve block solving efficiency. Through this collaboration, miners can obtain cryptocurrency by comprehensively handling the computing requirements of cryptocurrency mining and ensure more stable income.
OKX’s decision marks the end of the service, which launched in 2018. The company’s pools have supported several proof-of-work (PoW) assets, including Bitcoin (BTC), Litecoin (LTC), and Ethereum Classic (ETC), and have enjoyed some of them in the early days. success.
However, Mining Pool’s data shows that Mining Pool has struggled with usage and adoption in recent years, currently ranking 36th among Bitcoin-focused mining pools.
Specifically, the website shows that there are only 17 active miners for all supported assets, and the total hash rate of the BTC pool is 514TH/s for Bitcoin, 1.49MH/s for LTC, and 363.87MH/s for ETC. s.
Miners prepare for BTC halving.
OKX’s decision comes at a critical time. Most miners are preparing for the Bitcoin halving, which is expected to occur by April.
The Bitcoin halving is a pivotal event characterized by a 50% reduction in mining rewards to ease the influx of new coins into the network. This happens at precise intervals, specifically every four years or after completing 210,000 blocks.
Several BTC miners, including Riot Platforms, Phoenix Group, and others, have purchased significant amounts of mining hardware in preparation for this important event.
