Bitcoin mining pool Poolin in distress following liquidity crisis
The Bitcoin mining pool Poolin on Sept. 6 announced liquidity problems and subsequently suspended withdrawals, flash trades, and internal transfers from its network. Under normal circumstances, pool members can withdraw their cryptocurrency rewards via their pool wallets. In this case, the PoolinWallet.
Mining pools collate processing power from contributing miners to generate block rewards more quickly and consistently versus “going alone.” The rewards are distributed in proportion to the members’ contribution (or donated processing power) in finding the correct hash. Pool fees are payable. On Sept. 14, as a workaround to the withdrawal freeze, the pool announced the issuance of IOU tokens on a 1-to-1 basis to replace rewards held in PoolinWallets. Since announcing a freeze on withdrawals, a slew of contributing miners have left the pool.
Source
https://t.me/Crypto_Bitcoin_Blockchain
