One of the largest Bitcoin Mining pool, Poolin announces that it is pausing withdrawals from its wallet due to liquidity issues.
China-based Poolin stated that “This imperative serves our goal of preserving assets, stabilizing liquidity, and operations in the midst of the dull crypto market.”
Poolin will keep looking at different strategic options with different parties meanwhile. The pool noted that the assets in the PoolinWallet are secure. The time and plans for the resume will be released within two weeks.
In another blog post, Poolin noted that the Poolin Wallet is currently facing some liquidity problems due to “recent increasing demands on withdrawals”.
In an effort to restore its operations and liquidity, the company has implemented a zero-fee promotion and settlement adjustments.
Additionally, the team announced a temporary suspension of balance payouts for Bitcoin and Ethereum. According to Poolin, the payout of the pool’s current BTC and ETH balances will be temporarily halted.
“We will make a snapshot of the remaining BTC and ETH balances on pool on September 6th to work out the balances,” the blog post noted.
Poolin even declared that users with more than 1 BTC or 5 ETH in their pool balance or in their Pool Account would not be charged any fees for mining bitcoin and ether from Sept 8th, 2022 till Sept 7th, 2023.
The Bitcoin payment method will be changed from FPPS to PPLNS and is set to become valid on September 8th. “Other coins’ payment methods are not affected” Poolin noted.
Amid all this tension, Poolin assured that all user funds are safe and the company’s net worth is positive.
At the time of writing, Poolin is ranked fourth among major mining pools by Hash Rate Index. With 9.6% of the hash rate, the Binance Pool is surpassed by Poolin at the moment.
Also Read: Binance to Suspend ETH Deposits & Withdrawals During Merge
