The new Proof of Work mining pool offers reduced mining fees to miners who use renewable energy.
Crypto-currency exchange KuCoin yesterday unveiled its new Proof of Work (PoW) mining pool project, called KuCoin Pool. Miners can connect their platforms to the pool to receive discounts on mining fees as well as a steady income.
Blockchains that use the PoW consensus mechanism rely on a network of miners, who “mine” blocks of transactions by solving crypto puzzles. The amount of “work” that miners have to do to participate in this process protects PoW blockchains from malicious actors, making them very secure.
As more and more miners have joined PoW networks and the difficulty of mining has increased, it has become increasingly difficult for individual miners to compete with large mining farms run by large companies – hence the emergence of mining pools where individual miners band together.
The KuCoin pool aims to support the green security of various blockchains and become the largest PoW mining pool in the world. Built from public chains such as Bitcoin, Ethereum and Bitcoin Cash, KuCoin Pool provides accurate hashrate data and guarantees mining revenue through merged mining and FPPS settlement.
KuCoin CEO Johnny Lyu said, “For existing KuCoin users, it will be easy to set up their mining devices to generate passive income immediately. Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly. Our pool team also wants to provide environmentally friendly mining solutions. Any miner using renewable energy will benefit from discounts on mining fees.”
The team behind the new pool has many years of experience in crypto-currency mining and has achieved a convenient interface for miners and improved mining efficiency. Contributors receive rewards more efficiently and enjoy lower mining fees than other pools.
The exchange plans to open this service to all its customers by lowering the barriers to entry for new miners. Users won’t even need to install and run their own mining software in the future, once KuCoin introduces cloud-based mining.