KuCoin Launches Mining Pool With Eco-Friendly Incentives

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Crypto exchange KuCoin has announced the launch of a Proof of Work mining pool, promising fee discounts to miners using renewable energy. 

KuCoin Launches a Mining Pool 

KuCoin, the sixth largest crypto exchange by volume, has announced the launch of a Proof of Work mining pool. The move follows similar plays from Binance, OKEx, and Huobi; which have all previously launched their own mining pools. 

The new pool claims to offer lower mining fees and more efficient rewards for participants. Anyone connecting more than a petabyte of hashpower can receive a 50% discount on mining fees until Nov. 24, with higher discounts for those entering with more mining power. The KuCoin website currently lists the pool’s mining fee at 2%, making it competitive with other leading pools after the discount is applied. 

Johnny Lyu, CEO of KuCoin, commented on the pool launch, explaining: 

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“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.”

He went on to say that KuCoin’s pool aims to provide incentives for environmentally-friendly mining in the future. “Any miner relying on renewable energy will receive mining fee discounts,” he stated.

Additionally, KuCoin plans to introduce cloud mining compatibility for its pool in the future, further lowering the entry threshold for would-be crypto miners. 

Disclaimer: At the time of writing this feature, the author owned BTC and ETH.

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Bitcoin Taproot upgrade finally locked-in, activation set for November

The Taproot upgrade has achieved the first significant milestone on the road to activation as 90% of the Bitcoin (BTC) mining hash rate signaled for the protocol improvement within the current difficulty epoch.

Data from Taproot.watch, a webpage created by Bitcoin developer Hampus Sjöberg, shows the lock-in stage is now completed.

All recognized mining pools signaled for the upgrade with Slush Pool being the first to do so. It is perhaps fitting that Slush Pool also mined block 687285 that sealed the Taproot lock-in.

AntPool and F2Pool — the top two Bitcoin mining pools by hash rate share — were also among one of the earliest supporters of the Taproot activation in the BTC mining arena

In a conversation with Cointelegraph Bitcoin core developer Pieter Wuille explained the activation step for Taproot, stating: “According to BIP341, once locked in, activation is automatic at block height 709632 – expected around November 14, 2021.”

Wuille also commented on the significance of Taproot, adding:

“It’s the first consensus change since Segwit activated in august 2017. It extends Bitcoin’s script capabilities in ways that make certain things cheaper (especially more complex applications like multisig and layer 2 things), and somewhat more private by often hiding what the exact spending rules were.”

According to Wuille, the activation in November is only the beginning as the real work will be building the software to leverage the benefits of the protocol improvement.

June 12’s historic significance for Bitcoin has also moved beyond Taproot as the day seen a record number of transactions mined in a single block. Data from blockchain explorer Blockchair shows 4,075 transactions in block height 687249.

Source: Blockchair.com

This record figure is almost twice the average transactions per block recorded on June 11 and is four times the typical transaction count for Bitcoin blocks.

With hash rate declining amid mining restrictions in China, Saturday’s transaction count average might be due to a slowdown in block production forcing more transactions to be included in a single block.