OKX Phasing Out Mining Pool Services
OKX, one of the largest crypto exchanges, has announced that it will be phasing out its mining pool services. Starting today, new user registrations will be halted, but existing users will be able to continue using the pool until February 25. On February 26, all OKX mining pool-related services will be discontinued. The exchange did not provide specific details about the reasons behind this decision.
Limited Pool Services
Previously, OKX’s mining pool supported multiple proof-of-work cryptocurrencies and offered staking services. However, over the years, many supported assets have been terminated. Currently, only Bitcoin, Litecoin, and Ethereum Classic pool services are available on their website, with just 19 active miners.
Withdrawal Suspension and Hashrate Drop
In October 2020, OKX experienced a temporary suspension of withdrawals due to an investigation involving one of its private key holders. This incident caused a significant drop in hashpower connected to the mining pool. Since then, OKX has struggled to recover, with its current hashrate representing less than 0.0001% of Bitcoin’s total hashrate.
Contacting OKX for Comment
The Block has reached out to OKX for comment regarding the phasing out of its mining pool services.
About the Author
Hot Take: OKX’s Decision to Phase Out Mining Pool Services
OKX’s decision to phase out its mining pool services reflects the changing landscape of the crypto industry. With the termination of support for multiple assets and a significant drop in hashpower, it seems that maintaining the mining pool is no longer a viable option for OKX. This move may impact miners who relied on OKX’s pool services but could also be seen as a strategic business adjustment by the exchange. As the crypto market continues to evolve, exchanges and miners will need to adapt to new challenges and opportunities.
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