Major cryptocurrency exchange OKX has announced plans to discontinue all its crypto mining pool products and related services, with a termination date set for February 26, 2024. The decision to cease operations of these services was recently communicated to OKX users, but the reasons behind this move have not yet been disclosed.
Starting January 26, 2024, OKX will no longer accept new user registrations for its crypto mining pool and associated services. Existing users will be able to continue using these services until February 25, 2024, after which all related services will be halted.
Crypto mining is the process by which computers solve mathematical problems to secure the network and create new blocks, with successful miners receiving newly minted cryptocurrencies as rewards. Mining pools are systems that allow groups of miners to combine their computational power to solve blocks more quickly and share the rewards.
These pools enable individual miners to work together rather than alone, making mining income more regular and stable. The rewards from mining pools are shared among all participants, distributing the mining output.
Mining pools play a crucial role by allowing small miners to earn a regular income and enhancing the security of cryptocurrency networks. They use various protocols to facilitate collective mining efforts, with each miner contributing to the tasks at hand and sharing in the rewards for solved blocks.