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Bitcoin sales: Top 10 mining pool causes unrest - Is Poolin insolvent?
Bitcoin mining pool Poolin is causing a stir. Unusually large transactions from Bitcoin miners have been observed in recent weeks. What is particularly interesting is the high number of transfers from wallets of the large mining pools to Bitcoin exchanges. According to data from Glassnode, around 3,200 BTC have been transferred to exchange wallets since mid-June. For comparison: Even at the peak of the bull market in February 2021, only around 900 BTC were transferred to exchange wallets every day. The Poolin mining pool is particularly noticeable. With a global hashrate of 1.87 percent, it is one of the largest mining pools in the world. Poolin was able to offer a computing power of 21 exahashes per second (EH/s). In the …
Bitcoin sales: Top 10 mining pool causes unrest - Is Poolin insolvent?
Bitcoin mining pool Poolin is causing a stir
Unusually large transactions from Bitcoin miners have been observed in recent weeks. What is particularly interesting is the high number of transfers from wallets of the large mining pools to Bitcoin exchanges. According to data from Glassnode, around 3,200 BTC have been transferred to exchange wallets since mid-June. For comparison: Even at the peak of the bull market in February 2021, only around 900 BTC were transferred to exchange wallets every day.
The Poolin mining pool is particularly noticeable. With a global hashrate of 1.87 percent, it is one of the largest mining pools in the world. Poolin was able to offer a computing power of 21 exahashes per second (EH/s). In the last few months, over 70,000 BTC worth around $2 billion have been cashed out from Poolin. This large sum raises questions.
As early as September 2022, BTC-ECHO reported on liquidity problems at Poolin. At that time, users could no longer withdraw BTC and ETH to their own wallets. Since then, things have become quieter around the mining pool. A query sent to the company remained unanswered by the time of going to press.
So what’s behind Poolin’s big transactions? Is the mining pool possibly insolvent and trying to avoid bankruptcy by selling coins? So far there is only speculation about this. However, Glassnode data shows that the BTC flowed to Binance wallets. This raises suspicions that Binance may have entered into a purchase agreement with Poolin to fill liquidity gaps.
It remains to be seen whether Poolin will reveal more information about the background to the coin sales in the future. Poolin's activities could certainly be price-relevant for the Bitcoin market. If Poolin were to experience bankruptcy or other problems, this could have an impact on the Bitcoin price. It will be interesting to see how the situation will develop further.
The BTC-ECHO magazine regularly provides information about the latest developments in the crypto market. It's worth reading the latest editions to always be well informed.