China-based Bitcoin mining pool, Poolin, registers a record decrease in hash rate share to 1% from its all-time high of 18%– a 94%decrease, according to data from Glassnode.
to decreasing profitability.The recent downturn can be traced back to last September when the mining swimming pool firm revealed liquidity problems. The swimming pool represented approximately 12% of Bitcoin’s hash rate prior to its statement.
Poolin even more suspended all withdrawals, flash trades, and internal transfers from its network to maintain possessions and stabilize liquidity. Subsequently, numerous miners left the swimming pool, leading to a drop in hashing power and block rewards.Amidst this, Poolin had the biggest miner outflow in 2 years, totaling up to 10,000 Bitcoins. Further , CryptoSlate’s previous analysis shows that Bitcoin held in Poolin wallets dropped sharply from 22,000 BTC in early November to 6000 BTC in December. It represented a considerable portion of the marketplace’s general decline in balances held by miners. Worth keeping in mind Bitcoin mining became hard in China after the Chinese federal government prohibited crypto mining in 2021. In 2020, Poolin announced its partnership with Three Arrows Capital, a crypto hedge fund that stated insolvency after the Terra-Luna collapse last year.Posted In: Bitcoin, China,
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