OKX Announces Closure of Mining Pool Services
One of the major players in the cryptocurrency exchange arena, OKX, has recently made public its decision to gradually phase out its mining pool services starting today.
Effective January 26, the company has ceased new user sign-ups, allowing existing users to continue utilizing the pool until February 25. A complete discontinuation of all OKX mining pool-related services is scheduled for February 26.
The shift comes amid what OKX describes as “business adjustments,” a term that the company chose not to elaborate on in detail.
OKX’s mining pool, previously supporting multiple proof-of-work cryptocurrencies and offering staking services, has seen a reduction in supported assets over the years. The current lineup on its website only features Bitcoin, Litecoin, and Ethereum Classic pool services, with a mere 19 active miners.
In its prime, OKX’s Bitcoin mining pool contributed to around 5% of the blocks mined on the network.
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However, a notable setback occurred on October 16, 2020, when the exchange temporarily halted withdrawals due to a private key holder’s collaboration with a public security bureau for investigations.
This event resulted in a significant drop in hashpower connected to the pool, plummeting from 9,000 PH/s to 20 PH/s, and the pool has faced ongoing challenges in recovering ever since.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
