A 10% share of Dogecoin’s mining capacity is being sought by KuCoin’s recently launched cloud-mining platform, which also provides investors with new avenues to invest in hashrate.
A 10% share of the blockchain mining capacity underlying the world’s foremost memecoin, the Dogecoin network, is being sought by the KuCoin cryptocurrency exchange with the introduction of a new cloud mining platform.
KuCoin Launches KuMining Platform with 300 MW to 2 GW Energy Capacity
A new platform is being launched by the KuCoin exchange that will provide retail and institutional investors with access to transparent hashrate, which is underpinned by international mining operations with 300 megawatts (MW) to 2 gigawatts (GW) of energy capacity.
Access to Bitcoin and Dogecoin hashrate and merged mining for Litecoin will be provided to investors by the new platform, KuMining.
The platform is being launched with a hashrate of approximately 10 exahashes per second (EH/s) and 200 terahashes per second (TH/s) for DOGE/LTC, a capacity that constitutes 10% of the Dogecoin network’s mining power.
By securing 10% of the Dogecoin network’s computational strength, KuMining would be positioned as the fourth-largest Dogecoin mining operation, following F2Pool, ViaBTC, and AntPool.
Based on figures from miningpoolstats.stream, a total of 910 TH/s is currently maintained by F2Pool, making it the foremost Dogecoin mining operation and accounting for over 33.1% of the network’s known hashrate.
KuMining’s Goal: Decentralizing Hashrate from Institutional Control
The undertaking is intended to “distribute the hashrate away from institutional control, with verifiable data and transparent fulfillment,” according to a Wednesday announcement from KuCoin that was shared with .
According to Jolie Du, the chief operating officer of KuMining, the platform has the potential to level “the opportunities in digital asset mining,” she further noted.
“Users can rent genuine hashrate from professional facilities, with daily yields automatically credited, eliminating hardware acquisition, energy management, and maintenance complexities.”
He also remarked that consistent participation without technical resources is made possible by this accessible approach, which in turn fosters enduring financial growth.
The platform intends to incorporate additional liquid-cooled mining rigs each month so that a benefit from the expanding hashing power is guaranteed to users.
The procurement of hashrate via the platform will be made accessible commencing on Sept. 16.
According to figures from CoinMarketCap , the KuCoin digital asset exchange, with a daily spot trading volume of $1.6 billion and over 3.7 million weekly active visitors, is ranked as the world’s ninth-largest cryptocurrency platform.
