Tuesday, December 6, 2022
HomeBTCBitcoin miner Poolin suspends withdrawals services citing "liquidity concerns"

Bitcoin miner Poolin suspends withdrawals services citing “liquidity concerns”

According to Poolin, one of the biggest Bitcoin mining pools by hash rate.Withdrawals of Bitcoin and Ether from its wallet service have been temporarily halted,  This decision was made owing to “liquidity concerns.”

Poolin stated  that it will temporarily halt paying out Bitcoin (BTC) and Ethereum (ETH) owing to “some liquidity concerns due to recent increased requests on withdrawals” on September 5. While Poolin support said in its Telegram channel that it was “impossible to give a definite date” when normal service would return, the help website noted that “time and plans of restart will be announced within 2 weeks.”

“Please be confident that the company’s net worth is positive and all user assets are secure”, added Poolin. After September 6, the daily mined coins will typically be handed out daily. None of the other coins are impacted.

Poolin is a mining pool that collaborates with Blockin and was formed in China in 2017. According to data from BTC.com, the firm mined over 10.8% of the BTC blocks during the past 12 months, placing it as the fourth-largest mining pool behind Foundry USA, AntPool, and F2Pool.

In the crypto sector, the mining pool was the most recent to announce that withdrawals will be halted owing to the downward trend of the crypto market. When the Ethereum network switches to proof-of-stake, which is predicted to happen between September 10 and 20, many exchanges, including Coinbase and FTX, stated that they will temporarily halt ETH withdrawals.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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