One of the <a href="https://www.cryptoknowmics.com/news/can-you-do-cryptocurrency-mining-with-your-playstation-5/" target="_blank" rel="noopener">cryptocurrency mining</a> pools in the world, Poolin, has decided to halt withdrawals of Bitcoin (BTC) and Ether (ETH) from its wallet service owing to "liquidity issues."

Poolin <a href="https://help.poolin.me/hc/en-us/articles/10207618877977-Announcement-on-settlement-adjustment-and-ZERO-fee-promo" target="_blank" rel="nofollow noopener">said</a> on Monday that it would temporarily halt paying out BTC and ETH, citing some liquidity concerns due to the recent increase in demand for withdrawals. In its Telegram channel, Poolin support noted it was impossible to specify when normal operations would resume but suggested it might occur soon. In contrast, the help page claimed resumption plans and time would be announced within two weeks.

Poolin stated,
<blockquote><em>"Please be assured, all user assets are safe, and the company's net worth is positive. We will make a snapshot of the remaining BTC and ETH balances on pool on September 6th to work out the balances. The daily mined coins after September 6th will be normally paid out per day. Other coins are not affected."</em></blockquote>
<h2>Poolin - A China-Based Mining Pool</h2>
Poolin, a mining pool headquartered in China, was introduced in 2017. The company is the fourth largest mining pool behind Foundry USA, AntPool, and F2Pool, and has <a href="https://btc.com/stats/pool?pool_mode=year" target="_blank" rel="nofollow noopener">mined</a> about 10.8% of the BTC blocks during the past 12 months.

The mining pool was the most recent in the crypto industry to cease withdrawals because of a declining market. Many exchanges, like Coinbase and FTX, announced they would temporarily halt ETH withdrawals during the Ethereum blockchain's transition to <a href="https://www.cryptoknowmics.com/news/binance-us-confirms-support-for-ethereum-merge-to-proof-of-stake/" target="_blank" rel="noopener">Proof-of-Stake</a> (PoS), set to occur between September 10 and 20.

Poolin Halts BTC and ETH Withdrawals Due to "Liquidity Issues"

Poolin said that it would temporarily halt paying out Bitcoin (BTC) and Ether (ETH) owing to some liquidity concerns due to an increase in withdrawals.

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Poolin Halts BTC and ETH Withdrawals Due to "Liquidity Issues"

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