Chinese Crypto Mining Pool Poolin Suspends BTC and ETH Payouts

Reading Time: < 1 minute

Poolin, one of China’s largest crypto mining pools, has just announced it has suspended Ether and Bitcoin payouts to users who are staking the company’s tokens on the Mars protocol.

According to the press release shared by Poolin today, the pool has decided to halt payments because the company’s business has been affected by the ban on cryptocurrency mining in the Chinese provinces of Sichuan and Xinjiang.

Earlier this year Poolin launched two tokens based on the ERC-20 standard, pBTC35A and pETH18C, which users can stake to earn wBTC and Ether based on the hashrate that each unit of the token represents and is mining on their respective networks.

Now, the company has suspended these payouts arguing the following:

“After Sichuan policy’s shoe dropped, we realize this time’s unexpected shutting down would eventually make unbearable economic loss on whole project which would likely leads to operational hardness. In this case, team decides to pause the wBTC/ETH output for all pBTC35A and pETH18C for less than 60 days which corresponding to the estimated schedule of miners migration.”

The price of both tokens has dropped significantly after the news broke.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!