Crypto Miner Poolin Stops Withdrawals Due To Liquidity Issues
- Poolin has recently decided to temporarily pause Bitcoin and Ethereum withdrawals from its wallet, citing “liquidity problems”.
- Poolin clearly assured its users that “all user assets are safe and the company’s net worth is positive.”
One of the world’s largest Bitcoin mining pools by hash rate Poolin has recently decided to temporarily pause Bitcoin and Ethereum withdrawals from its wallet, citing “liquidity problems”.
According to Monday’s announcement, the Poolin Wallet is “facing some liquidity issues due to current increase in demands on withdrawals,” leading to the company taking the difficult decision to temporarily suspend payouts of Bitcoin and Ethereum.
However, Poolin clearly assured its users that “all user assets are safe and the company’s net worth is positive.”
“This imperative serves our goal of preserving assets, stabilizing liquidity, and operations in the midst of the dull crypto market; meanwhile, we continue to explore strategic alternatives with various parties,”The company stated.
The company talked about the matter on its Telegram channel, where its Chinese-language customer support team told users that it is hard to quote a specific date after which the withdrawal would be resumed normally, but the message hinted that the matter would be resolved in a few days. However, the help page of the company stated that the “time and plans for the resume will be released within two weeks.”
The company further states:
“We will make a snapshot of the remaining BTC and ETH balances on the pool on September 6th to work out the balances. The daily mined coins after September 6th will be normally paid out per day. Other coins are not affected.”
It is important to note that the unpaid balance due to not reaching the payment threshold will not be affected by the decision and will be paid normally once the payment conditions are met. Moreover, all anonymous mining and sub-account mining are also paid normally.
Founded in 2017, Poolin is a mining pool established in China working under Blockin. As the fourth-largest mining pool behind Foundry USA, AntPool, and F2Pool, the firm mined around 10.8% of the BTC blocks during the last one year, according to data from BTC.com.
The mining pool was the most recent in the cryptocurrency industry to announce withdrawal suspension due to the ongoing market downturn. Many exchanges, including Coinbase and FTX, announced they would temporarily halt ETH withdrawals during the Ethereum blockchain’s transition from proof-of-work to proof-of-stake, which is expected to take place this month.