OKX to discontinue mining pool services

OKX, a leading cryptocurrency exchange, has revealed its decision to shut down Bitcoin mining pool products and associated services. This move is part of strategic business adjustments, and all mining pool services will be officially closed on February 26, 2024.

Additionally, OKX noted that on January 26, 2024, the new-user registration feature on the products will be discontinued. Existing users can continue using the service until February 25, 2024, while the next day, all mining pool-related services will be discontinued.

OKX is a Seychelles-based cryptocurrency centralized exchange (CEX) and wallet platform that serves millions of clients worldwide. The exchange offers basic trading, including spot and simple options, and derivatives such as margin, futures, perpetual swaps, and options.

OKX is known as one of the largest exchanges in the world according to trading volume. The exchange lists over 350 cryptocurrencies and supports more than 500 trading pairs, including major tokens like BTC, ETH, OKB, AAVE, SOL, MATIC, XRP, DOGE, SHIB, and DOT.

It offers trading bots, block trading, OKX Earn (savings, stablecoins, DeFi, staking, ETH 2.0, and more), crypto loans, and Jumpstart, the exchange’s launchpad. It has expanded its global presence, with plans to open offices in Türkey and Paris, and has applied for a virtual asset license in Hong Kong. 

Operating for approximately five years, OKX introduced its mining pool in October 2018, offering support for diverse cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Ethereum Classic (ETC), and Decred (DCR).

It’s worth noting that the total market capitalization of the Bitcoin mining industry is reported to be $8.11 billion. This figure represents the combined market value of all the entities involved in Bitcoin mining, reflecting the industry’s overall financial size.

While the industry looks profitable, the Bitcoin halving event, expected in April, has raised concerns about its potential impact on mining costs, according to a recent report by CoinShares. 

The report indicates that the average cost of mining one Bitcoin could significantly increase to $37,856. This poses a substantial challenge for miners, especially if the price of Bitcoin drops below the $40,000 threshold.

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