Market Analysis Report (06 Sep 2022)

One of the largest Bitcoin mining pools by hashrate, Poolin, has announced it’s temporarily halting Bitcoin and Ether withdrawals from its wallet service due to “liquidity problems.”

In an announcement, Pooling said that its wallet service was facing problems due to “recent increasing demands on withdrawals,” and as such, it would temporarily halt payouts on the top two cryptocurrencies by market capitalization.

On its Telegram channel, Poolin told users it was “hard to name a specific date” in which it would resume withdrawals, but hinted the halt would last days. Poolin assured “all user assets are safe and the company’s net worth is positive,” and wrote in an announcement:

“We will make a snapshot of the remaining BTC and ETH balances on pool on September 6th to work out the balances. The daily mined coins after September 6th will be normally paid out per day. Other coins are not affected.”

Over the last 12 months, the China-based mining pool was responsible for mining roughly 10.8% of the BTC blocks found over the past 12 months, making it the fourth-largest mining pool on the network.