Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The world’s fourth largest Bitcoin mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. pool announced the suspension of withdrawals and other operations on its PoolinWallet service to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. issues.
- Poolin suspends withdrawals and transactions from its wallet.
- The mining group admitted it faces liquidity problems.
- The firm said it is looking for solutions.
- Increased mining difficulty a measure of how hard it is to validate a new block on a blockchain. and falling prices affect miners.
One of the mining groups of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. (BTC) has admitted that it is experiencing liquidity problems amid the current price slowdown in the cryptomarket.
Poland which is currently the fourth largest BTC mining pool by mining rate. hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. announced on Monday the suspension of payments for the cryptocurrencies BTC andEther the form of payment used in the operation of the distribution application platform, Ethereum.(ETH) and other services of your wallet, PoolinWallet .
In a communiqué , Poland announced that it is temporarily freezing payment of current BTC and ETH balances, exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. services and group account an account is essentially a whose purpose is to track the financial activities of a specific asset/ withdrawals, an integrated wallet a place where cryptocurrency users can store, send and receive digital assets. feature. The company indicated that the adjustments seek to stabilising the group’s liquidity and added that mining services would not be affected.
“ PoolinWallet plans to pause all withdrawals, flash transactions and internal transfers within Poolin’s systems as of 10:00 PM GMT+8 on September 5, 2022. “he wrote in a blog entry . A notice on their website adds:
Poolin Wallet is currently facing some liquidity issues due to recent increasing demands for withdrawals. But rest assured that all user assets are secure and the company’s net worth is positive.
Poland faces liquidity problems
The company also announced that it was waiving the fees for mining of Bitcoin y Ethereum a decentralized open-source blockchain with smart contracts functionality. until Dec. 7. Specifically, it said that starting September 8, and for a span of 12 months, users with more than 1 BTC or 5 ETH in their pool balance or account will be able to access zero withdrawal fees.
The announcements occur after Poland addressed its customers on Sunday to acknowledge liquidity problems. As reported by CoinDesk the group published several messages on the platforms of WeChat y Telegram to reassure users about their funds amidst rumours of insolvency.
The CEO and founder of Poland Kevin Pan, Kevin Pan, acknowledged in a message from WeChat that the company lacks liquidity, but assured that users’ assets are safe. Pan wrote that the company’s net worth remains positive and that there will soon be a plan on how to address the issues, according to the report.
The account Chinese of Telegram of the group also wrote to reassure customers and dispel rumors, stating that the withdrawal wait times are due to risk management. According to the news outlet, which checked the official support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. channels of Poland en Telegram users have been complaining about problems with withdrawals from their wallets since at least August.
The official communiqué of Poland today seems to confirm rumours of insolvency. The group’s publication echoed Pan’s comments about a move to deal with the problems, noting that they are currently searching ” strategic alternatives with several parties “ . The CEO said the plan could involve taking on debt backed by shares or mining machines.
It is hoped that a solution “ factible ” will be presented to users within a week, the release adds.
Miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. of Bitcoin en apuros
Based in China, Poland is a multi-cryptocurrency mining pool. The firm, founded in 2017, also offers a custodial custodial cryptocurrency businesses are the ones that are in possession of their customers’ funds for the duration of the use of their services. wallet, a block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. explorer and a transaction accelerator.
According to data from BTC.com of the last three days, Poland is currently the fourth largest mining pool in Bitcoin largest in the world by rate of hash with 10.6% of the global share. The group is behindFoundry USA, AntPool y F2Pool the largest according to hash rate of Bitcoin The share of the population with 20.7%, 19.3% and 14.5%, respectively.
The news about the liquidity problems of Poland arise after the further increase in the difficulty setting for Bitcoin in 8 months. The metric, which automatically adjusts every two weeks (approximately), increased by 9.26%. on August 31, reaching a level very close refers to the closing price; similar to the same term used in stock trading. to its all-time high of 31.25 billion in May.
The increase in the mining difficulty of Bitcoin potentially translates into lower profit margins for the miners. which have already been experiencing a decline in their block reward earnings this year as the price of the flagship cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. has fallen below USD $30,000.
As reported by DiarioBitcoin some of the main miners in the world, some of the main miners in Bitcoin have expressed difficulties in keeping their operations afloat amid the bearish price season. Over the past few months, several cryptocurrency companies have been selling more BTC than they mine on a monthly basis to cover operating expenses and pay debts.
- Mining company Marathon mined 8% more Bitcoin last quarter but posted losses
- A Bitcoin mining company in Texas profited more by shutting down its equipment than it did by mining
- AMD, NVIDIA Consider Selling Low-Cost Graphics Cards in Response to Falling Demand, Reports Reveal
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash