KuCoin, the ninth-largest cryptocurrency exchange in the world, has announced the launch of its new cloud mining platform KuMining, which aims to capture 10% of the Dogecoin network's hashrate.
The First Steps of KuMining in Cloud Mining
The KuMining platform provides a mining speed of 200 terahashes per second for joint mining of Dogecoin and Litecoin. Initially, it provides around 10 exahashes per second for Bitcoin mining and 200 TH/s for DOGE/LTC. KuCoin aims to rank among the top Dogecoin mining entities.
Competition in the Dogecoin Mining Market
The launch positions KuCoin among major Dogecoin mining operations. According to CoinWarz, the current Dogecoin network hashrate is 3.47 petahashes per second, with F2Pool leading by controlling over 33% with 910 TH/s. Regular additions of new water-cooled mining rigs are planned to expand capacity.
Concerns About Centralization in the Cloud Mining Industry
The growth of cloud mining platforms raises questions about centralization. CoinGeek's analysis indicates that large pools already control significant portions of hashrate, raising concerns about centralized operations. Despite the potential risks, including high fees and limited transparency, user interest in cloud mining continues to rise.
KuCoin's KuMining platform represents a significant step towards cloud mining; however, the increasing centralization in this area raises concerns among experts and users.
