KuCoin targets 10% Dogecoin mining capacity through its new mining platform
KuCoin cryptocurrency exchange aims to capture 10% of the blockchain mining capacity behind the Dogecoin network, the world's largest memecoin, by launching a new cloud mining platform.
KuCoin exchange is deploying a 300 megawatt to 2 gigawatt (GW) energy resources platform backed by global mining facilities with verifiable hashrate for retail and institutional investors.
The new platform KuMining offers investors Bitcoin (BTC) and Dogecoin (DOGE) hashrate and integrated mining for Litecoin (LTC).
The platform has around 10 exahashes per second (EH/s) and 200 terahashes per second (TH/s) for DOGE/LTC, which represents 10% of the mining power of the Dogecoin network.
Controlling 10% of the mining capacity of the Dogecoin network makes KuMining the fourth largest Dogecoin miner behind F2Pool, ViaBTC and AntPool.
According to data from miningpoolstats.stream, F2Pool is currently the largest Dogecoin miner, with 910 TH/s, accounting for over 33.1% of the network's known hashrate.
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Cummings aims to “decentralize” the Hashrat from “institutional control”.
The initiative aims to “decentralize blockchain with institutional oversight, auditable data and transparent endpoints,” KuCoin wrote in a Wednesday announcement shared with Cointelegraph.
“KuMining levels the playing field in cryptocurrency mining,” said Jolly Du, Chief Operating Officer of Kumining.
“Users can rent real hashrate from professional facilities, where daily production is automatically monetized, eliminating the complexities of hardware acquisition, energy management and maintenance.”
“This low-barrier approach is suitable for people who want stable participation without technical resources, who want to generate sustainable wealth,” he said.
The platform plans to add new water coolers every month so that users can benefit from expanding mining capacity.
Buying hashrate through the platform will be available from September 16.
KuCoin is the world's ninth largest cryptocurrency with a daily trading volume of $1.6 billion and more than 3.7 million weekly active visitors, according to data from CoinMarketCap.com.
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