Poolin, which is one of the largest Bitcoin mining pools measured by hash rate, recently made the announcement that it will temporarily suspend the ability to withdraw Bitcoin and Ether from its wallet service due to “liquidity problems.”
In a statement released on Monday, Poolin explained that its wallet service was “facing some liquidity problems due to recent increasing demands on withdrawals.” As a result, the company intended to temporarily halt payouts of Bitcoin (BTC) and Ether (ETH). Poolin support informed users through its Telegram channel that it was “hard to name a specific date” on which it would resume normal service, but they hinted that it could be a matter of days. Meanwhile, the help page stated that “time and plans of resume will be released within 2 weeks.”
According to Poolin, “Please be assured that all user assets are safe and that there is a positive net worth for the company.” On September 6th, in order to work out the balances, we are going to take a snapshot of the remaining BTC and ETH balances on the pool. After September 6th, the normally scheduled payout for daily mined coins will take place each day. The situation is unaffected for the other coins.
Poolin is a mining pool that was launched in China in 2017 and falls under the Blockin umbrella of companies. According to data from BTC.com, the firm was responsible for roughly 10.8% of the BTC blocks mined over the last 12 months, coming in as the fourth-largest mining pool behind Foundry USA, AntPool and F2Pool.
The mining pool was the most recent entity in the crypto space to make the announcement that it would be suspending withdrawals due to the bearish market. During the transition of the Ethereum blockchain to proof-of-stake, which is expected to take place between September 10 and September 20, a number of cryptocurrency exchanges, including Coinbase and FTX, have announced that they will temporarily pause withdrawals of ETH.