Major Bitcoin Mining Pool With 10% of Hash Rate, 'Poolin', Appears to be Insolvent: Withdrawals Have Been Frozen
- Poolin' operators have announced zero fees for all users from September 8th to December 7th and a change from FPPS to PPLNS for bitcoin payout calculation.
- They also plan to extend the zero fee period to a full year for miners who choose to hold a larger balance (more than 1 BTC or 5 ETH) on the custodial wallet.
- "The payout of the current BTC and ETH balances on pool will be temporarily suspended. 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. The details of payout schedule for remaining balances will be released when details are set."
- These moves appear to indicate Poolin is insolvent and attempting to encourage miners to stay with the pool through incentives while they try to recover losses.