Crypto exchange KuCoin is rolling out a new mining pool service called KuPool, with support for assets like Dogecoin (DOGE), Litecoin (LTC) and eventually Bitcoin (BTC), the firm announced on Thursday.
KuPool will align the firm’s existing crypto exchange and its KuMining feature, offering users a secure mining service within the existing KuCoin’s 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 Decrypt.
“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.
Mining pools bring together groups of independent miners, joining resources in order to improve their chances at winning blocks, which yield token rewards.
KuPool’s mining pool service will open with an emphasis on simplicity and security, granting access to mainstream proof-of-work (PoW) and merged mining assets, like DOGE, LTC, and BELLS while offering an experience that can cater to newcomers and professional miners alike.
Support for Bitcoin, the largest crypto asset by market cap and by far the most prominent proof-of-work token, is expected soon.
The firm has crated KuPool with trust in mind, the representative told Decrypt, suggesting that it's a differentiator that will set the pool apart from existing options.
“Trust-based mining represents more than mere technological innovation; it is an extension and practical embodiment of its core brand philosophy,” they said.
“In the context of KuPool, trust-based mining manifests as the foundational support for transforming hash rate into credible assets: Miners can verify their contributions and rewards in real time, mitigating information asymmetry, while the platform integrates multi-layered encryption and compliance standards to ensure asset security.”
From a business perspective, the company said that its new service will be deemed a success when it begins to sustain a high hash rate—or computational power—stable yields, and high user retention rates.
More broadly, KuPool’s mission is to “promote a more equitable global hash rate distribution through openness, transparency, and technological innovation.”
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