Prominent Mining Pool ‘Poolin’ Temporarily Halts Withdrawals
- This mining pool is responsible for 10.4% of the total hashrate in Bitcoin mining.
- The group also announced the temporary suspension of BTC and ETH balance payouts.
Poolin, a mining pool headquartered in China, has temporarily suspended wallet withdrawals due to cash flow concerns. Given Poolin’s massive scope, the withdrawal freeze might prove to be a devastating blow to the cryptocurrency ecosystem as a whole. This mining pool is responsible for 10.4% of the total hashrate in Bitcoin mining.
Tough Times Ahead?
The group has promised to provide an update on the restart of withdrawals within the next two weeks. The company’s leadership acknowledged cash flow problems early Sunday. It announced that the Poolin system was going to halt all withdrawals, flash trades, and internal transfers. Hash Rate Index ranks it as the fourth-best mining pool. The Binance Pool controls 10.2% of the total hashrate, however, Poolin is currently doing better.
The group also announced the temporary suspension of Bitcoin and Ethereum balance payouts. Poolin has announced that, for the time being, it will not be possible to withdraw any remaining BTC or ETH from the pool. As of the 6th of September, a snapshot will be taken of the remaining BTC and ETH balances on the pool.
The firm stated:
“Withdrawals from Pool Account will be paused. Time and plans of resume will be released within 2 weeks. Regular mining and direct payout from mining pool are not affected.”
Meanwhile, the amount of digital assets that Poolin owes to its consumers is now unclear. It is estimated that Poolin has roughly 18,000 Bitcoin in its wallet at the moment. Moreover, the team has assured that all user data is secure. “All user assets are safe and the company’s net worth is positive.”
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