Poolin has paused withdrawals from its wallets known as “Pool Accounts”, the major Bitcoin and cryptocurrency mining pool said in a statement on Monday.
See related article: Poolin partners with crypto trading firm Quant Satoshi to expand US business
Fast facts
- A recent surge in withdrawal demand is the primary root of the mining pool’s liquidity problems, but regular mining and direct payouts will not be affected, Poolin said.
- The company has launched a zero-fee promotion and settlement adjustments in an effort to stabilize its liquidity and operation.
- Poolin was the fourth-largest Bitcoin mining pool at press time, according to BTC.com data.
- Poolin’s statement comes a day after the miner went public with its liquidity issues on Chinese social media WeChat on Sunday, following user complaints on withdrawals, as reported by CoinDesk.
- Poolin is scheduled to provide a status update in two weeks from Monday’s statement.
See related article: Kazakhstan internet restoration still not enough for crypto miners, NetBlocks says
