KuCoin announced the launch of its new cloud mining platform KuMining, aiming to achieve 10% capacity of the Dogecoin network.
Launch of Cloud Mining Platform
KuCoin is launching a cloud mining platform that will provide access to verifiable hashrate for both retail and institutional investors, backed by global mining facilities with power resources ranging from 300 megawatts (MW) to 2 gigawatts (GW).
The KuMining platform will offer investors access to Bitcoin and Dogecoin hashrate, as well as merged mining for Litecoin. The platform is launching with a hashrate of approximately 10 exahashes per second (EH/s) and about 200 terahashes per second (TH/s) for DOGE/LTC, representing 10% of the Dogecoin network.
Decentralization of Hashrate
KuCoin has expressed a goal to "decentralize the hashrate away from institutional control, with auditable data and transparent fulfillment." According to Jolie Du, Chief Operating Officer of KuMining, this platform will allow users to rent genuine hashrate from professional facilities, with daily yields automatically credited, eliminating hardware acquisition, energy management, and maintenance complexities.
"This low-barrier approach suits those seeking stable participation without technical resources, fostering sustainable wealth," she added.
Details About KuCoin and Dogecoin
KuCoin is the ninth-largest cryptocurrency exchange globally, with a daily spot trading volume of $1.6 billion. The platform plans to add new water-cooled mining rigs each month to ensure users benefit from expanding mining capacity. Purchasing hashrate through the platform will be available starting September 16.
The launch of the KuMining platform aims at transforming cloud mining and offers opportunities for decentralized participation in Dogecoin mining.
