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» » OKX to shut down Mining Pool operations amid ‘business adjustments’


OKX TO SHUT DOWN MINING POOL OPERATIONS AMID 'BUSINESS ADJUSTMENTS'

by

Jan. 26, 2024


THE SHUTDOWN COMES ON THE HEELS OF A MAJOR FLASH CRASH LAST WEEK IN WHICH OKX'S
NATIVE TOKEN (OKB) EXPERIENCED A 48% PLUNGE.



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Crypto exchange OKX has�  � it will phase out its mining pool services starting
January 26th, citing “business adjustments” behind the move. The winding down of
operations will halt new user sign-ups effective today and turn off services for
existing users by February 25th.

The company’s mining pool previously supported several cryptocurrencies based on
proof of work (PoW) consensus algorithms, such as Bitcoin (BTC via SHA256),
Litecoin (LTC via Scrypt), and Ethereum Classic (ETC via Etchash). However, many
supported assets had been removed over the years, leaving few active miners on
the platform.




The shutdown comes on the heels of a major flash crash last week involving OKX’s
native OKB token, which saw prices plunge 48% before rapidly recovering. In a
post-incident report, the exchange�  � to reimburse users affected by the
volatility and optimize its risk control mechanisms. This incident saw about
$6.5 billion in diluted market capitalization before recovering.

> “We will further optimize spot leverage gradient levels, pledged lending risk
> control rules, liquidation mechanisms, etc., to avoid similar problems from
> happening again,” OKX said regarding last week’s flash crash.

The move reflects declining prospects for proof-of-work mining overall amid the
larger crypto industry’s pivot toward proof-of-stake consensus models. With the
recent Merge upgrade transitioning Ethereum to proof-of-stake, Bitcoin is now
the largest proof-of-work network.



Closing the mining pool marks a notable shift for OKX, which built its early
reputation partly through serving crypto miners in China since launching
operations in 2017. OKX, initially headquartered in Beijing, has been under
scrutiny from the Chinese government, which has implemented a blanket ban on
crypto trading and mining since September 2021. The company has since expanded
into other business lines like payments, DeFi, and NFTs, viewing mining services
as no longer core to its global growth strategy.

Other major exchanges like Binance and KuCoin continue to operate mining pools,
seeing it as an additional revenue stream from their existing user base. With
deep liquidity and available custodial services, exchanges may retain an edge in
attracting the remaining proof-of-work miners even as broader industry trends
move toward alternative consensus models.



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