KuCoin CEO To Reward People That Use Renewable Mining Resources

KuCoin CEO Johnny Lyu says he plans to reward people that will use renewable mining resources and will receive discounts on fees as we can see more in our latest crypto news today.

The crypto exchange KuCoin CEO says the platform is launching a mining pool aimed at providing revenue to proof-of-work miners after integrating the rigs. In a Wednesday announcement, the exchange said that its KuCoin Pool product will allow miners around the world to contribute to the BTC and BCH and share the rewards. At the moment, the miners are required to install and run all the needed hardware themselves and join the pool but KuCoin said it will introduce mining in the near future.

KuCoin CEO also claimed that the pool will encourage miners to participate in environmentally-friendly solutions for all people that use renewable energy sources for mining will receive discounts on teh fees which is a part of a shift in many mining companies that start to transition to much cleaner or renewable energy. Lyu said:

“For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away. Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly.”

The exchange is coming late to mine when compared with major firms like binance that launched its mining pool in April 2020 and as per the data, some of the biggest miners include Antpool, Bitmain, ViaBTc, F2Pool, and Poolin. Launched in 2017, KuCoin reported that it had reached 10 million users after it increased by 1,114% in the past year but the hackers stole about $275 million from the exchange before KuCoin was able to recover most of the funds.

As recently reported, Crypto exchange KuCoin started a new startup incubation program with the idea of boosting the developments of new projects and developments in the crypto space thanks to the $50 million fund to bestow on the new startups to help uncover more crypto projects that will develop in value. This is a major boost and development in the crypto space that oftentimes needs more funding as projects had already had to compete in a messy environment that became swamped with scam ICO projects leading investors to seek returns in other directions. There was a huge amount of talent that was sitting on the bottom in the crypto and blockcahin pool and KuCoin Labs objective are now to help uncover them by giving founders the needed capital in order to develop and to promote their ideas.