Poolin, one of the largest Bitcoin mining pools by hash rate, has announced that it has temporarily suspended Bitcoin and Ether withdrawals from its wallet service due to “liquidity issues”.
In a Monday announcement, Poolin said its wallet service was “facing some liquidity issues due to recent increasing demands for withdrawals” and planned to temporarily stop Bitcoin (BTC) and Ether (ETH) payments. On its Telegram channel, Poolin support told users it was “hard to name a specific date” when it would resume normal service, but hinted it could be a matter of days, while the help page stated: “the time and resumption plans will be announced within 2 weeks”.
“Rest assured that all user assets are safe and the company’s equity is positive,” Poolin said. “We will take a snapshot of the remaining BTC and ETH balances in the pool on September 6 to resolve balances. Coins mined daily after September 6 will be paid out normally per day. Other coins are not affected.”
Launched in 2017, Poolin is a China-based mining pool that operates under Blockin. According to data from BTC.com, the firm was responsible for approximately 10.8% of the BTC blocks mined in the last 12 months, making it the fourth largest mining pool behind Foundry USA, AntPool, and F2Pool.
The mining pool has been the latest in the cryptocurrency space to announce that it will stop making withdrawals in the midst of a bear market. Many exchanges, including Coinbase and FTX, said they would temporarily pause ETH withdrawals during the transition of the Ethereum blockchain to proof-of-stake, which is expected to take place between September 10 and 20.
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