The new Proof of Work mining pool provides mining fee discounts to miners who use renewable energy
Cryptocurrency exchange KuCoin yesterday unveiled its new Proof of Work (PoW) mining pool project, called KuCoin Pool. Miners can connect their rigs to the pool to enjoy discounts on mining fees and a consistent income.
Blockchains that use the PoW consensus mechanism rely on a network of miners, who “mine” blocks of transactions by solving cryptographic puzzles. The amount of “work” that has to be expended by the miners to participate in this process protects PoW blockchains from malicious actors, making them very secure.
As more miners have joined PoW networks and mining difficulty has increased, it has become more and more difficult for individual miners to compete with large mining farms run by big businesses — hence the emergence of mining pools where individual miners join together.
The KuCoin Pool aims to support the ecological security of various blockchains and develop into the largest PoW mining pool in the world. Built with public chains such as Bitcoin, Ethereum and Bitcoin Cash as its core construction, KuCoin Pool provides accurate hashrate data and guarantees mining income with merged mining and FPPS settlement.
CEO of KuCoin, Johnny 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. Our Pool team also wants to provide environmentally-friendly mining solutions. Any miner relying on renewable energy will receive mining fee discounts.”
The team behind the new pool has many years of experience with crypto 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 up this service to all of 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 mining in the cloud.