OKX stops mining pool operations due to declining user and arithmetic numbers

OKX’s decision comes as bitcoin miners prepare for the halving event.

According to a Jan. 26 statement, cryptocurrency exchange OKX is discontinuing its mining pool services due to “business adjustments.

The platform said it has stopped new customer registrations, effective immediately. Existing users will retain access to the platform until February 25th, after which all services related to the mining pool will cease by February 26th.

“Due to business restructuring, OKX will stop the mining pool and related services in the near future. We apologize for any inconvenience caused.” OKX said.Kaspa mining

Mining pools improve block solving efficiency by integrating the computing power of multiple miners. This collaboration allows miners to earn cryptocurrency by working together to solve the computational requirements of cryptocurrency mining, thus ensuring a more stable income.

OKX’s decision marks the end of a service it launched in 2018. The company’s mining pool supported a wide range of proof-of-work (PoW) assets, including bitcoin ( BTC ), litecoin ( LTC ), and ethereum classic ( ETC ), and enjoyed some early success.BITMAIN Antminer L7

However, the mining pool’s data shows that its use and adoption has suffered in recent years, and it currently ranks 36th among Bitcoin-focused mining pools.

Notably, its website also shows that it has only 17 active miners across all of its supported assets, and that its BTC pool has a total bitcoin computing power of 514 TH/s, LTC of 1.49 MH/s, and ETC of 363.87 MH/s.

Miners Prepare for Bitcoin Halving

OKX’s decision comes at a critical time: most miners are preparing for the Bitcoin halving, which is expected to happen in April.

The Bitcoin halving is a key event characterized by a 50% reduction in mining rewards to reduce the influx of new tokens into the network. This occurs at precise intervals, specifically after every four years or 210,000 completed blocks.

Meanwhile, a number of BTC miners such as Riot Platforms, Phoenix Group and others have already purchased large quantities of mining hardware in preparation for this momentous event.