Kucoin is rolling out a new mining pool service which will support Dogecoin, Litecoin and Bitcoin lateron. Crypto exchange Kucoin’s new mining service called Kupool will fall in line with the firm’s existing KuMining feature, offering users a secure mining service within the existing its ecosystem.
“As a new mining pool service under the KuCoin ecosystem, KuPool distinguishes itself from other mining pools through its trust-based verifiable hash rate mechanism and deep integration with KuCoin and KuMining,” a spokesperson for the firm told a prominent crypto media.
“Specifically, KuPool positions ‘verifiable hash rate’ as the core trust asset, employing an efficient, low-latency, and traceable profit-sharing mechanism to ensure global miners receive fair and auditable reward distributions,” they added.
A mining pool comes in handy as it increases the chance of mining a block. A mining pool is a group of cryptocurrency miners who combine their computing power to increase the chances of successfully mining a block and earning rewards.
Solo mining means you use your own hardware to try to find new blocks. The problem? It’s highly competitive and unpredictable. In a mining pool, many miners contribute their hashing power (computational effort) to the same network. When the pool successfully mines a block, the reward is shared among all members based on how much work each contributed.
