The company has launched a promotion where there are no fees in order to improve liquidity and reassured the clients that their assets
The company has launched a promotion where there are no fees in order to improve liquidity and reassured the clients that their assets are safe.
As crypto mining pool service provider Poolin becomes the latest casualty of panic withdrawals, it is clear that the crypto industry is still facing serious liquidity issues. This forced several crypto platforms to halt withdrawals, among other services, and highlights the need for further reform in the industry. With poolin halting its service, it is clear that the need for a reliable and trustworthy mining pool is more important than ever.
Poolin Suspends Withdrawals, Trade in a Flash
We are suspending withdrawals, flash trades, and internal transfers in order to preserve liquidity amid a “dull crypto market.” We are facing liquidity issues and operational stability after mass withdrawals, media reports said. We appreciate your understanding and patience as we work to resolve this matter.
I believe that the recent news about Poolin sending 4400 BTC to Binance is a positive development. Despite the market shakeout that has caused many crypto exchanges and Defi platforms to suspend withdrawals, I believe that this move by Poolin shows that there is still confidence in the market. I believe that this confidence will continue to grow and that the market will eventually rebound.
“PoolinWallet plans to pause all withdrawals, flash trades, and internal transfers within Poolin systems from 10:00 PM, GMT+8, September 5, 2022. This imperative serves our goal of preserving assets, stabilizing liquidity, and operations in the midst of the dull crypto market, meanwhile, we continue to explore strategic alternatives with various parties,” the crypto mining platform said in a post on Medium on Monday, adding that it’s trying to provide further update including “feasible solutions” in a week.
Zero-Fee Promotion to Boost Liquidity
In a detailed statement on its website, Poolin has reassured users that their assets are safe and that the company is in a positive financial position. To stabilize liquidity and operations, the company has launched a zero-fee promotion and settlement adjustments on its mining pool platform.
The Zero Fee offer is an attractive proposition for miners of BTC and ETH, as it provides a way to maximize profits during the offer period. For other coins, the offer is also valid, but may not be as advantageous. The offer provides two schemes – one lasting from September 8 to December 7, 2022, and another from September 8, 2022, to September 7, 2023 – which miners can take advantage of to maximize their profits.
It's great to see that Poolin is offering zero fee mining for all customers for two months. This is a great opportunity for everyone to get started with mining and to earn some extra income. I'm sure that many people will take advantage of this offer.
No Withdrawals of BTC, ETH Balance
As part of the settlement adjustment, daily mined BTC and ETH coins will be paid out per day after September 6. However, the payout of the current BTC and ETH balance on the pool will remain suspended. The schedule for the BTC and ETH balance whose withdrawal is stopped will be released once the details are worked out. This news is a positive development for those who have been waiting to withdraw their BTC and ETH balances from the pool. The schedule for the release of the balances will provide much-needed clarity for users.
It is good news that the company has decided to suspend withdrawals from the Pool Account. This will give them time to properly assess the situation and release a schedule for the resumption of withdrawals in two weeks. In the meantime, customers can continue to use their accounts for other purposes.
It's been a tough couple of weeks for the crypto industry, and things don't seem to be getting any better. Poolin, one of the world's largest crypto mining pools, has been forced to suspend withdrawals, flash trades, and swaps due to liquidity issues.
