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.
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