Poolin suspends BTC and ETH withdrawals

Popular bitcoin mining pool, Poolin, has temporarily halted withdrawals of Bitcoin and Ethereum withdrawals. The crypto miner announced the decision in its latest blog post. According to Poolin, it is facing “liquidity problems,” thus necessitating the suspension. 

The bitcoin miner lamented how the persistent increase in withdrawals had plunged it into liquidity turmoil. Poolin maintained that despite its prevailing trouble, “all user assets are safe and the company’s net worth is positive.”

The crypto miner revealed what it intends to achieve with the suspension. According to Poolin, “this imperative serves our goal of preserving assets, stabilizing liquidity, and operations amid the dull crypto market; meanwhile, we continue to explore strategic alternatives with various parties.”

Poolin promised to resolve the prevailing issue quickly to resume withdrawals of Bitcoin and ETH on its network. However, the mining firm did not give any date on which it intends to resume operations. But, its help page indicates that the protocol is making efforts to resume withdrawals within the next two weeks.

Poolin hinted that the issue is only limited to ETH and BTC; other tokens are unaffected. It promised to “ make a snapshot of the remaining BTC and ETH balances on the pool on September 6th to work out the balances. According to Poolin, “the daily mined coins after September 6th will be normally paid out per day.”

Furthermore, Poolin plans to ensure the payment of every anonymous mining and sub-account mining. The firm also assures its users that all unpaid balances occasioned by the inability of their owners to reach the payment threshold will not be affected by the suspension of the withdrawal. According to Poolin, it will pay the owners if they meet the payment conditions.

Crypto firms struggling to sustain their liquidity 

Poolin joins the increasing list of crypto firms that have suspended withdrawals on their networks owing to liquidity issues. Hodlnaut recently suspended withdrawals, deposits, and token swaps in early August. According to the firm, the decision was necessary to stabilize liquidity. Despite the suspension, it allows customers to access their dashboard to monitor their balances. 

Other firms like Celsius, FTX, and Coinbase also halted withdrawals after suffering from the implications of crypto winter. Some of these troubled firms reduced their workforce in a bid to cut costs. However, as of press time, Poolin is the only crypto mining firm on the list of crypto firms ravaged by liquidity crises.

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