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
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.
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
LOL.
Poolin Combines Bitcoin Mining With DeFi Yield Farming
https://cryptomode.com/poolin-combines-bitcoin-mining-with-defi-yield-farming/
Exchanges, lending platforms, mining pools, all third party custody….. Not your keys, not your coins.
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.
Possibly they want to do manually withdraws to pick a time when the mempool was not busy. To save sats on fees.
i think this probably hinges on the fact that they are an FPPS pool
they overestimated payouts
my condolences to all those with their money stuck in a pool server
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:
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
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
Here's a Tweet that kicks off good Twitter thread indicating this could finish Poolin.
https://twitter.com/hashoveride/status/1567240492886233088 [Nitter]