Cryptocurrency trade OKX mentioned it’ll discontinue mining pool and associated companies because of “enterprise changes” as Bitcoin halving looms.
In a press release on Jan. 26, crypto trade OKX introduced the shutdown of its mining pool companies, efficient instantly for new-user registrations, with current customers permitted to make use of the service till Feb 25. Following the deadline, all mining pool-related companies might be discontinued.
“Attributable to enterprise changes, OKX will discontinue Mining Pool and associated companies shortly. We apologize for any inconvenience which will trigger you.”
In keeping with data from Mining Swimming pools, OKX secured the thirty sixth place among the many prime 70 Bitcoin-focused mining swimming pools, with a complete hash charge barely exceeding 496 TH/s.
OKX launched mining pool companies in October 2018, and provided help for cryptocurrencies reminiscent of Bitcoin (BTC), Litecoin (LTC), Ethereum Traditional (ETC), and Decred (DCR). The most recent transfer comes as Bitcoin is about to bear its fourth halving in April, which is predicted to cut back miner rewards from 6.25 to three.125 BTC.
Bitcoin halving happens roughly each 4 years, particularly each 210,000 blocks. This mechanism is intrinsic to Bitcoin’s design to fight inflation and protect its worth over time. In the course of the halving, the reward for mining new blocks is minimize in half, decreasing the speed at which new Bitcoins are created and, consequently, the overall provide of Bitcoins in circulation.