Crypto exchange KuCoin is launching a proof-of-work mining pool that it says will offer “much lower mining fees” and improved mining efficiency.
- The pool will try to incentivize green mining by offering discounts to miners using renewable energy, CEO Johnny Lyu said in a statement.
- Crypto mining has proved to be a profitable business. Earlier this week, mining company Riot Blockchain reported revenue rose to a record $34.3 million in the second quarter and net income came in at 22 cents per share.
- The high energy consumption of proof-of-work mining has attracted the ire of regulators, notably in China, and many companies are trying to come up with ways to make the industry sustainable.