Skip to content

Bitcoin Mining Firm Poolin Halts Withdrawals in Liquidity Crunch

  • Mining pools aggregate miners’ computing power to earn Bitcoin
  • Poolin, a major crypto mining pool, also mines tokens
Mining units at a Bitcoin mining facility in Fort Stockton, Texas.

Mining units at a Bitcoin mining facility in Fort Stockton, Texas.

Photographer: Jordan Vonderhaar/Bloomberg
From

Poolin, one of the largest providers of Bitcoin mining-pool services, has suspended all withdrawals, flash trades and internal transfers within the Beijing-based firm’s system, citing the need to preserve liquidity.

Bitcoin mining pools are essentially the software that aggregates computing power from miners to increase the probability of winning the token rewards by securing the Bitcoin network. They charge miners a fee for providing the services. The mining process involves millions of powerful computers that compete to be the first to come up with a solution to validate transaction data encrypted by the blockchain and win the Bitcoin rewards for solving the equation.