Should you buy KuCoin Token after their push for a Green Initiative?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Aug 27, 2021
  • KuCoin is pushing a crypto mining pool into the platform.
  • Miners have the opportunity of earning passive income through Proof-of-Work mining.
  • Any miners that end up using renewable energy to mine will get a discount on their fees.

KuCoin KCS/USD is a popular cryptocurrency exchange that launched in 2017 and has a multitude of cryptocurrencies on offer. 

It offers a high level of security, an easy-to-use interface, and a wide range of crypto services such as margin and futures trading, a P2P exchange built-in, and credit or debit card crypto purchase options.

The green initiative as a catalyst for growth

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The KuCoin Crypto exchange announced that they would launch a mining pool with the intention of providing revenue to Proof-of-Work (PoW) miners when they integrate their rigs.

This is a product that will enable miners to contribute to Bitcoin (BTC) and Bitcoin Cash (BCH) and share rewards.

Miners have to install and run the required hardware by themselves if they want to join this pool, and KuCoin claims that it will eventually provide cloud mining services as well.

Their CEO, Johnny Lyu, claims that the pool will reward miners who use sustainable solutions, which means that those mining with renewable energy will get access to a discount on fees.

This showcases a gradual shift and elevation to cleaner energy use.

Should you buy KuCoin Token (KCS)?

On August 27, KuCoin Token (KCS) was worth $12.35.

To evaluate this price point and potential growth, we will be analyzing its all-time high and compare the value to the performance in July.

The KuCoin Token (KCS) had its all-time high value on January 10, 2018, with a value of $20.17. This value was 63% higher than the value on August 27.

KCS started off July low, with a value of $6.97 on July 2, making this the lowest point in terms of value the token had throughout July. 

Within the next few days, on July 7, it climbed to $14.74, which marked its highest point of the month. This was an increase of 111%.

Its value dropped to $10.72 on July 8 and then climbed back up to $14.21 on July 12. This was a 32% increase in value from July 8 to July 12.According to data from IntoTheBlock, KuCoin Token (KCS) saw a 30-day average of 62.540 addresses

Furthermore, 49.310 addresses were in the money, or 78.92%.

With this green initiative, and miners getting a reduction in fees, we can potentially see increased usage of the KuCoin exchange and the KuCoin Token, which could lead its price to climb to $16.67 by the end of September.

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