Crypto miner Poolin suspends BTC and ETH withdrawals, citing ‘liquidity issues’

Poolin, one of the largest Bitcoin mining pools by hash rate, announced that it has temporarily suspended Bitcoin and Ether withdrawals from its wallet service due to “liquidity issues”.

In an announcement on Monday, Poolin said its wallet service was “facing liquidity issues due to the recent increase in withdrawal requests” and planned to temporarily halt Bitcoin (BTC) and Ether (ETH) payments. In its Telegram channel, Poolin’s support told users it was “difficult to name a specific date” when it would resume normal service, but hinted it could be a matter of days, while the page help stated, “time and recovery plans will be released within 2 weeks.

“Rest assured that all user assets are safe and the company’s net worth is positive,” Poolin said. “We will take a snapshot of the remaining BTC and ETH balances on the pool on September 6 to determine the balances. Coins mined daily after September 6 will normally be paid per day. Other parts 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 has been responsible for around 10.8% of BTC blocks mined in the last 12 months, ranking fourth among mining pools behind Foundry USA, AntPool and F2Pool.

Breakdown of the Bitcoin mining pool based on mined blocks. Source: BTC.com

Related: Ethereum Merge invites miners and mining pools to make a choice

The mining pool was the latest in the crypto space to announce that it would halt withdrawals amid a bear market. Many exchanges, including Coinbase and FTX, have said they will temporarily suspend ETH withdrawals during the Ethereum blockchain’s transition to proof-of-stake, which is expected to take place between September 10 and September 20.

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