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KuCoin Launches Proof-of-Work Mining Pool
KuCoin says the pool will incentivize the use of renewable energy.
Updated Sep 14, 2021, 1:44 p.m. Published Aug 25, 2021, 11:46 a.m. 1 min read
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.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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