Tag: Poolin

Crypto Mining Pool Provider Poolin Suspends Withdrawals, Citing Liquidity Problems

by Blockchain News

Poolin, a cryptocurrency mining pool provider headquartered in Beijing, China, announced Monday that it had suspended withdrawals from its crypto wallet service, which signals serious trouble within the firm.

Established in 2017, Poolin offers a multi-cryptocurrency mining pool, custodial wallet, block explorer and transaction accelerator, which enable users to invest in digital assets like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and ZCash with ease.

While Poolin’s mining pools continue operating normally, the Poolin Wallet announced to its users that it paused all withdrawals, flash trades, and internal transfers within Poolin systems from 10 a.m. EDT on September 5 as part of efforts to preserve assets and stabilize liquidity.

“This imperative serves our goal of preserving assets, stabilizing liquidity and operations amid the dull crypto market. Meanwhile, we continue to explore strategic alternatives with various parties,” the firm said.

The company went further and stated that all assets in PoolinWallet are safe and will provide more details and solutions within a week.

Poolin Wallet said it is “currently facing some liquidity problems due to recent increasing demands on withdrawals.”

On Sunday, Kevin Pan, the company’s CEO and founder, said that Poolin is experiencing liquidity issues but assured customers that assets are safe. Pan’s statement echoed that the firm would soon come up with a way to fix the issues. As per Pan’s post, that plan might include debt.

In a separate announcement on Monday, Poolin said that it is providing its users with zero transaction fees for Bitcoin and Ethereum mining from September 8 through to December 7, and for 12 months for customers with more than 1 BTC or 5 ETH in their pool balance or in Pool Account.

Terror in Crypto Markets

Poolin has become the latest crypto firm facing liquidity issues. Suspending withdrawals has become a source of fear this year. The issue signals deep trouble at companies that have tried to create a modern version of banking through digital assets.

Following the crash of the stablecoin terraUSD (UST) and the collapse of crypto hedge fund Three Arrows Capital, several liquidity-strapped crypto lending firms found that they could no longer meet customer demands.

Three months ago, lenders including Celsius Network, Voyager Digital, Babel Finance, CoinFLEX, Vauld, and Zipmex halted withdrawals and transfers. Others like Finblox and CoinLoan allowed withdrawals to continue but at a reduced limit.

Image source: Shutterstock

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Crypto Mining Pool Provider Poolin Suspends Withdrawals, Citing Liquidity Problems

by Blockchain News

Poolin, a cryptocurrency mining pool provider headquartered in Beijing, China, announced Monday that it had suspended withdrawals from its crypto wallet service, which signals serious trouble within the firm.

Established in 2017, Poolin offers a multi-cryptocurrency mining pool, custodial wallet, block explorer and transaction accelerator, which enable users to invest in digital assets like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and ZCash with ease.

While Poolin’s mining pools continue operating normally, the Poolin Wallet announced to its users that it paused all withdrawals, flash trades, and internal transfers within Poolin systems from 10 a.m. EDT on September 5 as part of efforts to preserve assets and stabilize liquidity.

“This imperative serves our goal of preserving assets, stabilizing liquidity and operations amid the dull crypto market. Meanwhile, we continue to explore strategic alternatives with various parties,” the firm said.

The company went further and stated that all assets in PoolinWallet are safe and will provide more details and solutions within a week.

Poolin Wallet said it is “currently facing some liquidity problems due to recent increasing demands on withdrawals.”

On Sunday, Kevin Pan, the company’s CEO and founder, said that Poolin is experiencing liquidity issues but assured customers that assets are safe. Pan’s statement echoed that the firm would soon come up with a way to fix the issues. As per Pan’s post, that plan might include debt.

In a separate announcement on Monday, Poolin said that it is providing its users with zero transaction fees for Bitcoin and Ethereum mining from September 8 through to December 7, and for 12 months for customers with more than 1 BTC or 5 ETH in their pool balance or in Pool Account.

Terror in Crypto Markets

Poolin has become the latest crypto firm facing liquidity issues. Suspending withdrawals has become a source of fear this year. The issue signals deep trouble at companies that have tried to create a modern version of banking through digital assets.

Following the crash of the stablecoin terraUSD (UST) and the collapse of crypto hedge fund Three Arrows Capital, several liquidity-strapped crypto lending firms found that they could no longer meet customer demands.

Three months ago, lenders including Celsius Network, Voyager Digital, Babel Finance, CoinFLEX, Vauld, and Zipmex halted withdrawals and transfers. Others like Finblox and CoinLoan allowed withdrawals to continue but at a reduced limit.

Image source: Shutterstock

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Poolin Reward Tokens Plummet In Response To China Bitcoin Mining Exodus

by NEWSBTC

Following China’s bitcoin mining crackdowns, Poolin has suspended rewards for its tokenized hashrate contracts.

The wBTC and wETH rewards are on pause until “less than 60 days”, as per a blog post from Poolin.

Poolin Pauses Rewards For pBTC35A And pETH18C

Poolin’s tokenized hashrate contracts, pBTC35A and pETH18C, have all their wBTC and wETH rewards suspended until less than 60 days.

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The reason behind the move is China’s ongoing crackdown on mining farms, which has forced miners around the country to migrate elsewhere.

The 60-days timeframe correlates to the migration time needed to move mining farms out of China.

As a consequence of the rewards payout suspension, holders are pulling out of the contracts in hordes.

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Related Reading | Bitcoin Hash Rate Goes On Death Spiral Post China’s Crackdown On Miners

Here is how the pETH token price and volume chart looks like right now:


pETH price rapidly goes down | Source: Compass Mining Memo

The chart shows that pETH price has rapidly corrected following the announcement.

Similarly for pBTC, the below chart highlights the trend in its price and volume:


pBTC plummets following rewards suspension | Source: Compass Mining Memo

Two other notable takeaways from the graphs are that pETH hit a single-day $2 million turnover in volume for the first time ever, but pBTC only hit a monthly high.

The other high turnovers in pBTC volume were in the months of April and May. The first one corresponds to the coal mine flooding incident in Xinjiang that cut power supply to Bitcoin miners, while the second one was caused by the 21% difficulty adjustment.

The Poolin team plans to pack and transport their mining rigs to another location within 60 days, after which rewards are expected to resume normally.

Related Reading | Institutional Bitcoin Selloff Leaves Retail With Bloody Aftermath

It should be noted that while wBTC and wETH rewards are paused, Poolin is still offering rewards in the Mars token.

Mars is the platform’s native governance token, holders of which can usually vote on decisions relating to the platform.

However, for the decision of cutting out wBTC and wETH rewards, no Mars holder was able to vote. Poolin went forth with the initiative by themselves.

Bitcoin Price

Right now, Bitcoin is priced around $34k, up 2% in the past week, but down 7% in the last 30 days.

China’s latest mining crackdowns are also responsible for BTC’s latest crash. As BTC miners were also forced to shutdown their farms, and migrate elsewhere.

Here is a chart showing the trend in its price:

Bitcoin price chart

Bitcoin price chart


BTC seems to have stagnated around this point | Source: BTCUSD on TradingView

It’s hard to say where the price will be heading next. There is a possibility BTC is entering a bear market as a never-before wrong signal has been triggered.

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Bitcoin miner Poolin immortalizes El Salvador’s BTC adoption on the blockchain

by Cointelegraph

As is par for the course for Bitcoin (BTC), El Salvador becoming the first nation-state to adopt BTC as legal tender is now immortalized on the blockchain.

Data from blockchain explorer service Blockchair shows block 686,938 bearing the message “asamblea aprueba la ley bitcoin,” — assembly approves Bitcoin law — the frontpage headline carried by El Salvadoran daily Diario El Salvador on June 9.

Poolin, the third-largest Bitcoin mining pool by hash rate, was responsible for mining the transaction block which contained the message.

As previously reported by Cointelegraph, El Salvador’s legislature passed a bill to make Bitcoin legal tender in the country. Meanwhile, a wave of support for BTC among key government figures in Latin America continues to emerge to the excitement of several Bitcoin proponents.

Reacting to the growing trend, Chris Burniske, partner at blockchain-focused venture capital fund Placeholder VC, tweeted that move could be a means for Latin American nations to “strike back at dollars and debt.”

Earlier this week, former United States President Donald Trump doubled down on its Bitcoin stance stating that BTC was competing with the U.S. dollar.

Poolin’s commemoration of El Salvador’s historic Bitcoin legalization move comes over a decade after BTC creator Satoshi Nakamoto etched the Times frontpage headline from Jan. 3, 2009, on the Genesis block:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

A few blocks in the Bitcoin blockchain also contain messages and other forms of references meant to memorialize certain occasions.

When block height 666,666 came around back in January, the “winning miner” included a verse from the Bible: “Do not be overcome by evil, but overcome evil with good – Romans 12:21.”

In April, Coinbase had Bitcoin mining pool F2Pool embed a New York Times article in block 679,187.