OKX has announced the cessation of its Bitcoin mining pool services. This development, taking effect from February 26, 2024, marks a turn in the exchange’s operational focus. OKX attributed this move to strategic business adjustments, an announcement that has sent ripples across the crypto-mining landscape.
Impact on Bitcoin Mining
The decision emerges when Bitcoin mining profitability is under considerable strain. The recent price slump of the digital currency below $40,000 has intensified the challenges for miners. As a result, entities with substantial operational costs find it increasingly difficult to sustain their mining activities.
This withdrawal by OKX from the mining arena may decrease the Bitcoin network’s difficulty, offering a brief respite for smaller mining operations.
OKB’s Recovery Amid Market Volatility
With these developments, OKX’s native exchange token, OKB, experienced a remarkable turnaround. Following a swift 48% decline in value due to a series of liqu
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