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One of the largest crypto mining pools, Poolin, has recently instituted a major liquidity crunch on its platform by freezing user withdrawals of Ether and Crypto.
The company has done this move by deactivating their Poolin wallet and pool account, both of which are pay-out withdrawal options for its miners.
This move comes after months of a struggling crypto market, but this is the first notable instance of a mining pool having to restructure.
Poolin is one of the largest Mining Pools by Hashrate, one of the factors used to measure effectiveness in mining cryptocurrency.
The China based mining pool accounts for a hash rate share of 10.4% in the whole bitcoin mining sector.
Responsible for mining 10.8% of all BTC blocks over the last 12 months, Poolin is the 4th largest mining pool in the world, trailing behind FoundryUSA, AntPool and F2Pool.
To retain their user base, Poolin has offered 0 gas fees for mining Bitcoin and Ethereum from the 8th of September to the 7th of December.
They’ve also offered users with higher account balances other offers.
On the 5th of September, Poolin reached out to provide assurance to the crypto community and other involved groups, like the mining groups that use the platform to earn.
“As you may have known, Poolin Wallet is currently facing some liquidity problems due to recent increasing demands on withdrawals. But please be assured, all user assets are safe and the company’s net worth is positive.”
Additionally, the company clarified that other coins apart from Bitcoin and Ether were not affected.
This article is sourced from the following links:
Key BTC mining pools' crisis and everything you need to know - AMBCrypto
Mining Pool Poolin Halts Withdrawals, Huge Crisis Ahead? (coingape.com)
Top Bitcoin Mining Pool Freezes Withdrawals Due to Liquidity Issues - Decrypt
