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Home»ADOPTION NEWS»OKX plans to phase out mining pools and related services.
ADOPTION NEWS

OKX plans to phase out mining pools and related services.

By Crypto FlexsJanuary 26, 20243 Mins Read
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OKX plans to phase out mining pools and related services.
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Posted 1 minute ago In ~

OKX, one of the largest cryptocurrency exchanges by trading volume, announced that it will gradually discontinue mining pool services starting today.

The company will stop registering new users starting January 26, while existing users will continue to be able to use the pool until February 25. All services related to OKX mining pool will be discontinued on February 26th.

OKX, which rebranded from OKEx in January 2022, said the decision was made due to “business adjustments” but did not elaborate further.

OKX’s pools previously supported mining several proof-of-work cryptocurrencies and providing staking services. However, many of the supported assets have already been shut down in recent years, and currently only Bitcoin, Litecoin, and Ethereum Classic full services are listed on the website, with a total of 19 active miners.

OKX hash rate drops due to suspension of withdrawals

At one point, OKX’s Bitcoin mining pool grew to approximately 5% of the blocks mined on the network.

However, after withdrawals from cryptocurrency exchanges were temporarily suspended on October 16, 2020 (because one of the private key holders was “cooperating with the Public Security Bureau’s investigation”), the hash power connected to the pool fell sharply from 9,000 PH/s. . It increased to 20 PH/s and has had trouble recovering since. The pool’s current 528TH/s represents less than 0.0001% of Bitcoin’s total hashrate.

The Block has reached out to OKX for comment.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

James Hunt is a reporter for The Block, based in the United Kingdom. As a writer for The Daily newsletter, James also brings you up to speed on the latest cryptocurrency news every week. Before joining The Block in 2022, James spent four years in the industry as a freelance writer, contributing content to publications and cryptocurrency projects. James’ coverage ranges from Bitcoin and Ethereum to layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, modern NFTs and memecoins, regulatory environments, cryptocurrency company trading, and the immersive metaverse. It’s all-encompassing. You can reach James on Twitter or Telegram via @humanjets or email him at (email protected).
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