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OKX exchange stops mining: The mining pool becomes inaccessible to users
The OKX cryptocurrency exchange, which currently ranks fourth in the ranking in terms of daily trading volumes, has decided to close its mining pool. The end of the service is scheduled for February 26, 2024, and from that moment on, the exchange's customers will no longer be able to use the pool for mining cryptocurrencies. The admission of new users stops as early as January 26.
The mining pool on the OKX platform allowed mining of various digital assets, including such popular cryptocurrencies as bitcoin, Litecoin and Ethereum Classic. However, according to the exchange, interest in mining through the pool was low: only 11 users were engaged in bitcoin mining with a total hashrate of about 520 TH/s, and only six miners were engaged in mining other cryptocurrencies, which is a relatively low activity for such a service.
The termination of the mining pool is explained by the adjustment of OKX's business strategy, and not by the low interest of customers in this service. The revision of the company's development directions may be related to current market trends, changes in regulatory standards, or a desire to focus on more profitable and in-demand products.
It should be noted that OKX previously announced its intention to compensate for losses to users affected by the fall in the value of the native OKB token. Such measures to support its users indicate the exchange's desire to maintain customer loyalty and support their interests during unstable times in the cryptocurrency market.
Judging by the trading volumes, which exceeded $ 1.47 billion on January 26, OKX occupies one of the leading positions in the market of cryptocurrency exchanges, which allows the exchange to make changes in its activities, focusing on the current state of the market and its development prospects.
