The Pools Empty
Good Morning Everyone,
Bitcoin mining pool Poolin, based in Beijing of all places appears to be insolvent. In a message to clients they have advised they have suspended withdrawals citing liquidity issues. Not what you want to see.
Could this be the beginning of the mining capitulation event? Possibly.
According to Glassnode and as Dylan has highlighted below - Poolin holds 17,600 bitcoin in their known address/wallet.
Obviously miners can easily redirect their hash power to a new pool, but any funds that had not been withdrawn may be hard to get back. As Odell points out, redirecting to slush_pool and enabling auto withdrawals is an obvious move.
Lets keep an eye on this, and see if any others are impacted and whether or not there are more dominos to fall as a result. While it obviously sucks for those directly impacted, itβs hard to ignore the obvious nature of the incentives, whereby while many miners are currently under pressure and may capitulate this provides new entrants into the market with an opportunity.
I would expect the last functioning smoke alarm (h/t Luke Gromen) to continue to operate as intended.
Hope you all have a great day. Iβll talk to you tomorrow.
AK
Published Block Height: 752 801