- KuCoin’s KuMining offers retail investors access to cloud mining of Bitcoin, Dogecoin, and Litecoin with daily rewards.
- The platform’s capacity includes 10 exahashes per second of BTC hashrate and 200 terahashes for DOGE/LTC mining.
- Users can start renting hashrate for BTC, DOGE, and LTC on September 16, with scalable power resources from global sites.
KuCoin has launched a new platform, KuMining, designed for cloud mining of Bitcoin (BTC), Dogecoin (DOGE), and Litecoin (LTC). This initiative targets retail investors, offering a way to rent genuine hashrate from professional mining facilities, eliminating the need for complex hardware acquisition, maintenance, and energy management. The platform brings the power of industrial-scale mining directly to users, providing a simpler route to engage with crypto mining.
KuCoin’s cloud mining platform boasts a substantial capacity, with 10 exahashes per second of Bitcoin hashrate. Additionally, it offers 200 terahashes per second of computational power for Dogecoin and Litecoin. This capacity represents approximately 10% of the Dogecoin network’s hashrate, providing users with the ability to participate in merged mining with Litecoin, which utilizes the Scrypt hashing algorithm.
This is because the design of the platform enables users to gain rewards every day, and thus, anyone can be engaged in mining without having to worry about equipment and the intricacies of operating mining tools. KuCoin is working with power firms and producers of mining hardware to provide this service on a massive scale.
Low Barrier Access for Retail Investors
KuMining aims to democratize access to cryptocurrency mining by lowering entry barriers. The platform is particularly beneficial for those without the technical resources typically required for successful mining. With backing from 300 megawatts to 2 gigawatts of power across verified global sites, KuMining’s capacity can grow quickly, making it an attractive option for users looking to diversify their investment strategy.
The user can start renting the hashrate of BTC, DOGE, and LTC since September 16. Risk management plans can also be implemented via the platform, such as dollar-cost averaging, which adds a level of stability in the otherwise unstable cryptocurrency markets.
Connection with the Ecosystem of KuCoin.
Being a component of the greater KuCoin ecosystem, KuMining enables users to earn the native KuCoin Shares (KCS) token, which serves as an added benefit of the platform and increases its utility and usability further. This incorporation simplifies the user procedure and offers a straightforward interface through which one can monitor the income earned through cloud mining.
The CEO of KuCoin, BC Wong, underlined the intention of KuMining to reintroduce cryptocurrency mining to retail investors. It symbolizes a move toward the decentralization of mining authority and the creation of an inclusive Web3 ecosystem. The scale-up and competitive pricing capability of the platform make it a major player in the cloud mining industry.
