KuCoin debuts KuMining with a focus on Bitcoin, Dogecoin and Litecoin
- KuCoin has launched KuMining, a cloud initiative aiming at democratizing industrial-scale crypto mining.
- KuMining offers access to industrial-grade hashrate for Bitcoin, Dogecoin and merge mining capacity for Litecoin.
- KuMining's infrastructure comprises 300 MW to 2 GW of global power resources, ensuring instant activation.
KuCoin, the 12th-largest cryptocurrency exchange with an average daily trading volume exceeding $1.5 billion, has partnered with manufacturers of Proof-of-Work (PoW) crypto mining machines to democratize industrial-scale mining for digital assets.
KuCoin taps cloud mining with KuMining
KuMining is "a next-generation platform" poised to provide users access to transparent, cost-effective industrial-scale mining. The platform focuses on PoW coins, including Bitcoin (BTC) and Dogecoin (DOGE), in addition to merged mining capabilities for Litecoin (LTC).
KuCoin highlighted in a press release that the motivation behind the platform is to decentralize hashrate from institutional dominance and bring it back to the community.
The process has been simplified to ensure equitable participation in crypto's core infrastructure. KuCoin, in collaboration with leading manufacturers of PoW mining machines, experts in operations and energy optimization, has combined efforts to serve the interests of retail users. This is underpinned by efficient supply chains and transparent pricing, which eliminates the need for intermediaries.
"KuMining's incubation reaffirms our community commitment, advancing 'crypto for good' by bringing hashrate back to retail investors at competitive costs," KuCoin CEO BC Wong said.
KuMining's robust infrastructure
KuMining infrastructure resources comprise 300 megawatts (MW) to 2 gigawatts (GW), supporting instant activation and smooth operations. The platform boasts a real-time Bitcoin hashrate of 10,000,000 terahashes per second (TH/s) and 200 TH/s for Dogecoin and Litecoin.
KuCoin intends to enhance the hashrate as the platform expands, with auditable data and public monitoring to ensure reliability and transparency.
"Users can rent genuine hashrate from professional facilities, with daily yields automatically credited, eliminating hardware acquisition, energy management, and maintenance complexities," KuMining COO, Jolie Du, said.
KuMining bases its growth projections on its low-barrier approach to crypto mining. As the crypto industry expands, there's a growing need to ensure stable participation and access to mining resources without technical hurdles.
"By decentralizing mining power to real users, it builds an inclusive Web3 where assets can accumulate passively," BC Wong added.
KuCoin will be open for public participation on September 16, providing users with immediate access, risk management mechanisms, and Dollar-Cost Average (DCA) features, which they can use to generate consistent yields.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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