OKX, formerly known as OKEx after its 2022 rebranding, announced the gradual shutdown of its mining pool operations. Beginning May 25, new user registrations will cease, with existing users required to discontinue services by May 26. All mining pool-related functionalities will terminate permanently on the same date.
The company attributed this decision to "business adjustments" but did not provide detailed explanations for the strategic shift.
Historical Context of OKX's Mining Pool
Previously, OKX's mining pool supported multiple proof-of-work cryptocurrencies and offered staking services. Over time, the platform phased out most assets, leaving only Bitcoin (BTC), Litecoin (LTC), and Ethereum Classic (ETC) mining pools active. Currently, the pool operates at a minimal scale with just 19 active miners.
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Impact on Bitcoin Network
At its peak, OKX's Bitcoin pool contributed approximately 5% of the network's mined blocks. However, mining activity declined sharply following a security incident on June 16, 2020, which forced the exchange to suspend withdrawals temporarily.
The incident involved a private key holder assisting in a public security investigation, causing the pool's hashrate to plummet from 9,000 PH/s to 20 PH/s. Despite recovery efforts, the pool now operates at 528 TH/s—representing less than 0.0001% of Bitcoin's total hashrate.
Regulatory Adaptations in the UK
Earlier this month, OKX introduced new compliance measures for UK users to align with Financial Conduct Authority (FCA) requirements. These include:
- Mandatory investor questionnaires to verify risk awareness
- Suitability assessments for crypto investments
- Account restrictions for non-compliant users
The exchange also limited token listings to ~40 assets and added prominent risk warnings to its interface. Additionally, OKX delisted privacy-focused cryptocurrencies like Monero (XMR), Dash (DASH), and ZCash (ZEC) to adhere to forthcoming FCA regulations.
👉 Stay updated on crypto regulations
FAQs
Q: Why is OKX shutting down its mining pool?
A: OKX cited "business adjustments" as the primary reason, though specific details remain undisclosed.
Q: What cryptocurrencies were supported before the shutdown?
A: The pool previously mined BTC, LTC, and ETC, having phased out other assets over time.
Q: How did the 2020 security incident affect OKX's mining operations?
A: It triggered a hashrate drop from 9,000 PH/s to 20 PH/s due to disrupted withdrawal services.
Q: What changes did OKX implement for UK users?
A: New rules include risk-awareness questionnaires, suitability checks, and reduced token offerings to comply with FCA standards.
Q: Which privacy coins did OKX recently delist?
A: Monero (XMR), Dash (DASH), and ZCash (ZEC) were removed from trading.