KuCoin targets 10% of Dogecoin mining capacity via new mining platform

KuCoin cryptocurrency exchange is aiming to capture 10% of the blockchain mining capacity behind the world’s largest memecoin, the Dogecoin network, through the launch of a new cloud mining platform.

KuCoin exchange is launching a platform that offers retail and institutional investors access to verifiable hashrate backed by global mining facilities with 300 megawatts (MW) to 2 gigawatts (GW) of power resources.

The new platform, KuMining, will offer investors access to Bitcoin BTCUSD and Dogecoin DOGEUSD hashrate and merged mining for Litecoin LTCUSD.

The platform is launching with a hashrate of about 10 exahashes per second (EH/s) and 200 terahashes per second (TH/s) for DOGE/LTC, which represents 10% of the Dogecoin network’s mining power.

Controlling 10% of the Dogecoin network’s mining capacity would make KuMining the fourth-largest Dogecoin mining entity, following F2Pool, ViaBTC and AntPool.

F2Pool is currently the largest Dogecoin miner, with 910 TH/s, which accounts for over 33.1% of the network’s known hashrate, according to data from miningpoolstats.stream.

KuMining aims to “decentralize” the hashrate from “institutional control”

The initiative aims to “decentralize the hashrate away from institutional control, with auditable data and transparent fulfillment,” wrote KuCoin in a Wednesday announcement shared with Cointelegraph.

KuMining may equalize “opportunities in cryptocurrency mining,” said Jolie Du, chief operating officer of KuMining, adding:

“This low-barrier approach suits those seeking stable participation without technical resources, fostering sustainable wealth,” he added.

The platform plans to add new water-cooled mining rigs monthly to ensure users benefit from expanding mining capacity.

Purchasing hashrate through the platform will be available beginning Sept. 16.

KuCoin is the world’s ninth-largest cryptocurrency exchange with $1.6 billion in daily spot trading volume and over 3.7 million weekly active visitors, data from CoinMarketCap.com shows.