Poolin Bitcoin Mining Hash Rate Cut – Bitcoin Magazine
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A few days ago, one of the largest Bitcoin mining pools, Poolin, suspended withdrawals from its wallet service, PoolinWallet, in order to stabilize its assets and maintain liquidity. 1) Poolin is a China-based mining pool service, operating in China after the mining ban, and 2) the pool’s hash rate was estimated to be around 10% before withdrawals were suspended. This is important because
Luckily, Bitcoin miners worried about using PoolinWallet withdrawals and mining pool services have an easy fix. Switch to another mining pool. This process takes a few seconds (just as an example, a miner can instantly switch to the Slush Pool and set up auto-withdrawal). ). Switching to another pool will not freeze withdrawals from Poolin, but will provide a mechanism for hashrate markets to vote in real-time for ASICs to select a more competitive global pool.
So far, exactly what we’ve seen in the last few days. A 3-month pool distribution view shows that Poolin has a hash rate of 10.5%. His latest three-day view shows that hashrate share has fallen by more than half to 4.83%. The 3-day view does not always capture data with perfect accuracy, but the estimates show clear trends.
The estimate shows that the hash rate leaves Poolin at a good clip.
Using the Glassnode data, we can obtain Poolin’s share of Bitcoin block rewards to the overall market and estimate the daily hashrate share in a similar manner to the data above. Despite the volatility, we can see that Wednesday’s daily hash rate share dropped to 5.48%. This is the lowest since China’s mining slump in 2021.
Poolin’s estimated daily hash rate share has plunged to its lowest level since China’s mining slump in 2021.
The total hashrate using a 7-day moving average hasn’t changed much in the last few days, so one assumption is that the hashrate leaving Poolin found a new home fairly quickly and stayed online.
The aggregate hash rate using a 7-day moving average has not changed much over the past few days.
One interesting point is that Poolin announced a partnership with Three Arrows Capital in June 2020.
Strategic partnership between Three Arrows Capital and Poolin Wallet
We don’t know exactly what caused Pullin’s “liquidity problem”, but if the two companies were still financially linked when Three Arrows Capital collapsed amidst the crypto industry contagion, it would have been possible. That event certainly could have been a factor.
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Poolin Bitcoin Mining Hash Rate Cut – Bitcoin Magazine
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