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OKX Suspends Mining Pool Operations After Successful Five-Year Run

OKX announces phased discontinuation of mining pool services, ceasing new-user registration on Jan 26, 2024. Existing users can continue until Feb 25, with full-service discontinuation on Feb 26.”

Claudia Fischer

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OKX Suspends Mining Pool Operations After Successful Five-Year Run

OKX, the prominent crypto exchange has announced to halt its mining pool and related services. By today, OKX is shutting down the mining pool and its associated services. Sources say that this discontinuation is because of the business adjustment and will be carried out in two different phases.

According to the latest reports, from now on new users will not be able to access the mining pools and their related services. OKX, the crypto exchange was launched back in 2018 and marked its name for its distinguished Proof of Work services for a wide range of cryptocurrencies. These PoW services were also meant for the leading crypto assets like Ethereum (ETH), Ethereum Classis (ETC), Litecoin (KTC) and Bitcoin (BTC).

OKX Shutdowns Mining Pool

On the 26th of January, OKX announced via press release to discontinue the mining pool and related services. In the press release, OKX issued a detailed schedule for the gradual suspension of the mining pool. New users will not be able to register for the mining pool and associated services by today. However, the old users would be able to use the services till February 25, 2024, and would discontinue mining pool-related services as well.

OKX Ends after Securing 38th Position in Bitcoin–Centric Mining Pools

OKX is considered to be one of the prominent cryptocurrency exchanges for its outperforming crypto services. As per MiningPoolsStats data, OKX has announced to shutdown of mining pool services after securing the 36th position among the top 70 BTC mining pools with an overall hash rate of 520.57 TH/s.

Also Read: Brazilian Policymakers Call OKX, Bitso, and Binance While Targeting Crypto Scams

The decision to close mining pool services happened as Bitcoin approached its fourth halving in April. The halving occurs at 740,000 blocks, but the exact date is uncertain. During the halving, miners’ block reward decreases from 6.25 to 3.125 Bitcoins.

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