KuCoin, one of the leading cryptocurrency exchanges, is set to capture around 10% of the Dogecoin network’s mining capacity with the launch of its new cloud mining platform, KuMining.
The platform will provide both retail and institutional investors with access to verifiable hashrate sourced from global mining facilities powered by 300 megawatts (MW) to 2 gigawatts (GW) of energy.
At launch, KuMining will support Bitcoin and Dogecoin mining, as well as merged mining with Litecoin, offering around 10 exahashes per second (EH/s) for BTC and 200 terahashes per second (TH/s) for DOGE/LTC. This allocation represents approximately 10% of Dogecoin’s total network hashrate.
If successful, KuMining would become the fourth-largest Dogecoin mining entity, trailing only F2Pool, ViaBTC, and AntPool.
F2Pool currently leads Dogecoin mining with 910 TH/s, representing more than 33.1% of the network’s known hashrate, according to miningpoolstats.stream.
With KuMining, KuCoin says it is working to “decentralize the hashrate away from institutional control” by providing auditable data and transparent operations.
“The initiative may help level the playing field and expand opportunities in cryptocurrency mining,” said Jolie Du, chief operating officer of KuMining, in Wednesday’s announcement.
“Users can rent genuine hashrate from professional facilities, with daily yields automatically credited, eliminating hardware acquisition, energy management, and maintenance complexities.”
“This low-barrier approach suits those seeking stable participation without technical resources, fostering sustainable wealth,” he added.
KuMining plans to introduce new water-cooled mining rigs each month, allowing users to take advantage of the platform’s growing mining capacity.
Hashrate purchases will become available starting September 16.
KuCoin ranks as the world’s ninth-largest cryptocurrency exchange, boasting $1.6 billion in daily spot trading volume and more than 3.7 million weekly active users, according to CoinMarketCap.com.
