Poolin mining pool announces liquidity problems

At the same time, the founder and head of the company Kevin Pan said that users' funds are safe

05.09.2022 - 15:25

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2 min

What’s new? One of the largest mining pools, Poolin, acknowledged the problem of liquidity shortages, but the founder and CEO of the company Kevin Pan said that users' funds are safe. Users have been complaining about problems with withdrawals from their wallets since August. The support service said that the mining pool and storage services work independently, and the long waiting time for the withdrawal of funds is explained by risk management. Information about this appeared on the CoinDesk website.

Information on the CoinDesk website

What does the company say? A customer service representative told CoinDesk that the company is “facing some financial issues” that have made it difficult to withdraw funds. When asked when to expect funds, the support representative said:

“It's hard to name a specific date. As the problem is being fixed, more and more transactions will be made successfully, some would be made today [September 5] or tomorrow, and some of them may need to wait for few days.”

The head of Poolin noted that the company's balance sheet is still positive and that management will soon develop a plan to address liquidity problems. Measures, he said, could include turning to debt financing secured by stock and equipment.

What is known about Poolin? It is the largest international mining pool, which is owned by Blockin. It supports mining of a large number of cryptocurrencies, including BTC, ZEC, and LTC.

In early August, MineXMR, the largest mining pool for the anonymous cryptocurrency Monero (XMR) announced its closure.

At the end of August, Bitfly, the operator of the largest Ethereum mining pool called Ethermine, announced that it would stop supporting mining of the asset on the Proof-of-Work (PoW) consensus algorithm. The decision comes in line with the network's planned transition to the Proof-of-Stake (PoS) algorithm. After PoW-mining ends, only withdrawal mode will be available in the pool.

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