OKX suspends mining pool operations citing business adjustments | by 36Crypto | Coins | January 2024

Popular cryptocurrency exchange OKX has announced that it will discontinue mining pool services immediately.

In the latest development, the Seychelles-based cryptocurrency exchange issued a statement informing its users and the general public that it would be discontinuing its mining pool and related services.

According to press release Published on Friday, January 26, the cryptocurrency exchange giant cited “business adjustments” as the reason for the move.

“Due to business adjustments, OKX will soon discontinue its mining pool and related services. “We apologize for any inconvenience caused.”

OKX also announced its graduation schedule. Following the update, we will immediately stop registering new users, and existing users will be given a grace period to continue using the service until it terminates on February 25, 2024.

The next day, February 26, 2024, all mining pool-related services will be permanently shut down. Before this decision, OKX 36th According to Mining Pools data, the overall hash rate among the top 70 Bitcoin-focused mining pools is just over 496 TH/s.

The decision to suspend mining operations coincides with the fact that Bitcoin will experience its fourth halving in April this year, when it reaches block 740,000. The exact date of the halving is unknown, but miners will see their block reward reduced from 6.25 Bitcoin to 3.125 Bitcoin.

OKX’s decision to suspend mining operations clearly demonstrates the problems facing the Bitcoin mining industry. Miners are now finding it difficult to maintain operations with significantly reduced profitability.

Moreover, Bitcoin’s plummeting value has made matters worse, making it difficult to break even. It is worth knowing that OKX is moving away from mining pools following a recent incident where the value of OKB, the platform’s native exchange token, fell by more than 50% in three minutes.