OKX shuts down mining pools after five years of operation

2024-01-26 02:55:49

Cryptocurrency exchange OKX said it will discontinue mining pool and related services due to “business adjustments” as Bitcoin halving looms.

In a press release on Jan. 26, crypto exchange OKX announced the shutdown of its mining pool services, effective immediately for new-user registrations, with existing users permitted to use the service until Feb 25. Following the deadline, all mining pool-related services will be discontinued.

“Due to business adjustments, OKX will discontinue Mining Pool and related services shortly. We apologize for any inconvenience that may cause you.”

OKX

According to data from Mining Pools, OKX secured the 36th position among the top 70 Bitcoin-focused mining pools, with a total hash rate slightly exceeding 496 TH/s.

OKX launched mining pool services in October 2018, and offered support for cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum Classic (ETC), and Decred (DCR). The latest move comes as Bitcoin is about to undergo its fourth halving in April, which is expected to reduce miner rewards from 6.25 to 3.125 BTC.

Bitcoin halving occurs approximately every four years, specifically every 210,000 blocks. This mechanism is intrinsic to Bitcoin’s design to combat inflation and preserve its value over time. During the halving, the reward for mining new blocks is cut in half, reducing the rate at which new Bitcoins are created and, consequently, the total supply of Bitcoins in circulation.

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