pull down to refresh

Bitcoin Mining Pool 'Poolin' (10% of Hash) Appears Insolvent: Withdrawals Frozenwww.nobsbitcoin.com/major-bitcoin-mining-pool-with-10-of-hash-rate-poolin-appears-to-be-insolvent-withdrawals-have-been-frozen/
1430 sats \ 11 comments \ @nobsbitcoin 5 Sep 2022 bitcoin
write
preview
related posts
135 sats \ 0 replies \ @WhiteRabbitBTC 5 Sep 2022
Exchanges, lending platforms, mining pools, all third party custody….. Not your keys, not your coins.
reply
163 sats \ 1 reply \ @faithandcredit 5 Sep 2022
They have large exposure to ETH mining, 11% of the hashrate afaik. And that is going poof overnight in a few days I imagine that doesn't help. As a side note mining pools seem to come and go in bitcoin although the market seems more established lately. But who remembers btc guild and gigahash.io
reply
118 sats \ 0 replies \ @cryptocoin 6 Sep 2022
LOL.
Combining Bitcoin mining with DeFi yield farming may seem like a crazy idea at first.
Poolin Combines Bitcoin Mining With DeFi Yield Farming https://cryptomode.com/poolin-combines-bitcoin-mining-with-defi-yield-farming/
reply
100 sats \ 1 reply \ @ibz 6 Sep 2022
Why would somebody even join a mining pool without setting up auto-withdrawals? Lack of education? You would expect that somebody that put enough money to buy a bunch of ASICs also put some time to understand what they are mining. This is very strange.
reply
100 sats \ 0 replies \ @Wumbo 6 Sep 2022
Possibly they want to do manually withdraws to pick a time when the mempool was not busy. To save sats on fees.
reply
100 sats \ 1 reply \ @2big2fail 5 Sep 2022
i think this probably hinges on the fact that they are an FPPS pool
reply
0 sats \ 0 replies \ @2big2fail 6 Sep 2022
they overestimated payouts
reply
100 sats \ 0 replies \ @premitive1 5 Sep 2022
my condolences to all those with their money stuck in a pool server
reply
0 sats \ 2 replies \ @BTCMiner 5 Sep 2022
The link to Poolin's blog post:
Announcement on settlement adjustment and ZERO fee promo https://help.poolin.me/hc/en-us/articles/10207618877977-Announcement-on-settlement-adjustment-and-ZERO-fee-promo
And here's an article on CoinDesk:
Poolin, One of the Largest Bitcoin Mining Pools, Suspends Withdrawals From Wallet Service https://www.coindesk.com/business/2022/09/05/poolin-one-of-the-largest-bitcoin-mining-pools-suspends-withdrawals-from-wallet-service https://archive.ph/6rEei
And here's a Tweet that kicks off a good thread on this:
Running an FPPS pool is not an easy task.
Poolin has managed to build an impressive business given how many challenges they have faced over the years. Its been an interesting journey 👇👇
https://www.coindesk.com/business/2022/09/05/poolin-one-of-the-largest-bitcoin-mining-pools-suspends-withdrawals-from-wallet-service
https://twitter.com/ethan_vera/status/1566842431651315712 https://nitter.it/ethan_vera/status/1566842431651315712 <-- Shows the thread in a single, easy-to-read, web page
reply
0 sats \ 1 reply \ @BTCMiner 5 Sep 2022
Correction on above ... this is actually the post on their blog:
Sep 5th - Announcement on the Temporary Suspension of Withdrawals https://medium.com/@PoolinWalletOfficial/sep-5th-announcement-on-the-temporary-suspension-of-withdrawals-96a8915bcff0
reply
0 sats \ 0 replies \ @BTCMiner 6 Sep 2022
Here's a Tweet that kicks off good Twitter thread indicating this could finish Poolin.
How to destroy your share of the #Bitcoin ecosystem in one step.
  1. Halt withdrawals
Which is what, Poolin, one of the world’s oldest and largest pools has now done, citing liquidity concerns.
What does this mean? A 🧵
https://i.postimg.cc/xCQyjQNm/image.jpg
https://twitter.com/hashoveride/status/1567240492886233088 [Nitter]
reply