One of Bitcoins Largest Mining Pools Is Suspending Withdrawals
Poolin is a Bitcoin mining pool that also offers an internal wallet service called PoolinWallet. The service announced yesterday (Sept. 5) through Medium that they will be pausing all withdrawals, flash trades, and internal transfers within Poolin systems.
This action is being taken in an attempt to preserve assets and stabilize their liquidity issues. The announcement was brief and ensured users that their assets in PoolinWallet are safe and that they would provide the community with more details and more feasible solutions within a week.
Shortly after the initial announcement, Poolin also announced promotional fee adjustments and assured customers that the company’s net worth is positive.
From September 8 through December 7, 2022, all clients mining BTC or ETH on Poolin will enjoy zero fees. Clients with over 1 BTC or 5 ETH will enjoy the benefit until September 7, 2023.
While withdrawals from Pool Accounts will be paused, regular mining and direct payouts from the mining pools are not affected. The payout of current BTC and ETH balances on the pool will also be temporarily suspended while other coins are not affected. A snapshot will be taken of the balances today (September 6). Daily mined coins after today will be normally paid out.
The platform will also be suspending swap functionalities starting today. Users were previously able to mine coins such as Ethereum (ETH), ZEC (Zcash), and LTC (Litecoin) and get paid in Bitcoin. Dogecoin (DOGE) earnings were also allowed to be settled in LTC.
Users can change their payout wallet addresses from their Pool Account to external wallet addresses for continued miner earnings. If users don’t specify an external wallet for payouts, the Pool Account will store current assets and withdrawals.
Recently, another mining pool, AntPool, has committed $10 million towards the development of Ethereum Classic’s (ETC) ecosystem. Antpool announced on August 28, 2022, that they would stop maintaining Ethereum (ETH) client assets after The Merge. The Merge, while bringing many benefits, will also bring the risk of censorship among different countries. Any ETH miners holding mined assets on their platform were encouraged to add an external ETH wallet address to their account by September 3, 2022, to receive their accumulated funds. The platform will continue to support mining pool services for other tokens running on the Ethash algorithm, including ETC.
