Cryptocurrency trading platform OKX has recently announced a strategic shift, leading to the phasing out of its mining pool and associated services. This decision is part of the company’s ongoing business realignments, especially in light of the imminent Bitcoin halving event.
The formal announcement, made on January 26, indicated that OKX will no longer accept new registrations for its mining pool services, with a final service date set for existing users on February 25. After this date, all functions related to the mining pool will cease operations.
OKX expressed regret for any inconvenience this decision might cause, citing the need for business adjustments as the primary reason for discontinuing these services.
In the landscape of Bitcoin mining pools, OKX had achieved significant standing. According to Mining Pools data, the platform ranked 36th among the top 70 Bitcoin-focused mining pools, boasting a hash rate just over 496 TH/s.
Since its inception in October 2018, OKX’s mining pool services have supported various cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Ethereum Classic (ETC), and Decred (DCR). This termination of services coincides with the upcoming fourth Bitcoin halving in April, an event anticipated to halve miner rewards from 6.25 to 3.125 BTC.
Bitcoin halving is a fundamental aspect of the cryptocurrency’s design, occurring roughly every four years or after every 210,000 blocks. This mechanism serves to counter inflation and maintain Bitcoin’s long-term value by halving the reward for mining new blocks, thereby slowing down the creation of new Bitcoins and the overall increase in Bitcoin supply.