a OKX, a famous cryptocurrency broker, announced on Friday (26) that it will exit its mining pool. The service shutdown will happen in two phases, starting today and lasting until February 26.
To explain further, the broker will not be accepting new user registrations from next Friday (26th). Already registered users can continue to use the service until February 25, but all mining services will be stopped on February 26.
Although he did not explain the reason for the decision, only stating “business adjustments”It is striking that OKX is not a major player in the mining sector.
According to data from MiningPoolStats, the Bitcoin pool has only 11 active miners, responsible for 502 TH/s. For comparison, Foundry Digital has 154 EH/s, with a hash rate of 306 thousand times.
OKX’s other pools are even smaller. Only 4 miners use their pool to mine Ethereum Classic (ETC) and 2 to mine Litecoin (LTC). This could therefore explain the company’s decision to leave the sector.
OKX cryptocurrency, OKB, experienced a flash crash this week
Also this week, the OKX cryptocurrency suffered a 50% flash crash, meaning it lost half its value within a few minutes before recovering. The decline was not related to the closure of mining services.
At the time of writing, OKB (OKB) is trading at $53.7, up 7% in the last 24 hours, having already overcome the crisis. On that date, the brokerage said it would refund customers affected by the sudden drop, which OKX said was the result of a series of liquidations.
OKX focuses on the Brazilian cryptocurrency market
The week seems to be busy for OKX. Another news related to the broker was its entry into ABCripto, the Brazilian cryptocurrency association. The announcement was published last Wednesday (24), showing that the broker is interested in increasing its presence in the Brazilian market.
“OKX started operations in Brazil last year to offer its robust trading platform and Web3 wallet to the Brazilian market”points to the broker’s statement.
According to data from CoinMarketCap, OKX is the fifth largest cryptocurrency broker in the world by spot trading volume and third by derivatives trading volume. Therefore, its presence in Brazil could be interesting, as it would create competition in the market.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
