- Oops!Something went wrong.Please try again later.
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.