Poolin, one of the largest Bitcoin mining pools by hash rate, has announced that it has temporarily suspended Bitcoin and Ether from its wallet service due to “liquidity issues.”
In Monday’s announcement, Pullin said the wallet service is “recently experiencing some financial difficulties due to increasing demand for withdrawals” and plans to temporarily stop Bitcoin (BTC) and Ether (ETH) payments. On the Telegram channel, Pullin’s support told users that it was “difficult to name a specific date” when regular service would begin, but hinted that it could be a matter of days, while the help page said it would be “downtime and plans.” Release in 2 weeks.
“Please be assured, all user assets are safe and the company’s net worth is positive,” Pullin said. We will take a snapshot of the remaining BTC and ETH balances in the pool on September 6th to work out the balances. Coins issued daily after September 6th will normally be paid per day. Other coins are not affected.”
In the year Launched in 2017, Pullin is a China-based mining pool that operates under the blockchain. According to data from BTC.com, the firm was responsible for 10.8% of BTC blocks in the past 12 months, making it the fourth largest mining pool behind Fundry USA, AntPool and F2Pool.
Related: The integration of Ethereum prompts miners and mining pools to make choices.
It was the latest in the crypto space to announce that the mining pool would stop mining amid the underground market. Several exchanges, including Coinbase and FTX, have said they will temporarily stop trading ETH during the transition of the Ethereum blockchain to proof-of-concept, which is expected to take place between September 10 and 20.