• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Poolin Bitcoin Mining Hash Rate Share Cut In Half

Jon Hartney by Jon Hartney
September 10, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Bitcoin mining pool Poolin suspended withdrawals and is suffering for it as nearly 50% of its hash rate looks to have left.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

A few days ago, one of the largest Bitcoin mining pools, Poolin, suspended withdrawals from their wallet service, PoolinWallet, in an effort to stabilize assets and preserve liquidity. This is significant because 1) Poolin is a China-based mining pool service, operating in China after the mining ban, and 2) the pool was estimated to have roughly 10% of the hash rate before withdrawals were suspended.

Fortunately, there is a simple response for Bitcoin miners worried about PoolinWallet withdrawals and using their mining pool service: switch to another mining pool, a process that takes seconds (as just one example, miners can instantly switch to Slush Pool and set up auto withdrawals). Switching to another pool won’t unfreeze withdrawals from Poolin but it does provide the hash rate market a mechanism to vote with their ASICs in real time and choose a more competitive global pool.

So far, that’s exactly what we’ve seen over the last few days. A three-month pool distribution view shows Poolin to have had 10.5% of hash rate. The latest three-day view shows that hash rate share has fallen by over half, to 4.83%. A three-day view doesn’t always capture the data with perfect accuracy, but the estimations show a clear trend: hash rate is leaving Poolin at a good clip. 

Estimations show that hash rate is leaving Poolin at a good clip.

Using Glassnode data, we can take the share of Poolin’s Bitcoin block rewards relative to the total market and estimate their share of hash rate on a daily basis, which is a similar method to the above data. Although volatile, we can see Wednesday’s daily hash rate share fall to 5.48%, which is the lowest value since the China mining bad period in 2021.

Poolin’s estimated daily hash rate share fell to its lowest value since the China mining bad period in 2021.

Total hash rate, using the seven-day moving average, hasn’t moved much at all over the last few days so one assumption is that the hash rate that left Poolin found a new home fairly quickly and stayed online.

Total hash rate, using the seven-day moving average, hasn’t moved much at all over the last few days.

One interesting note is that Poolin announced its partnership with Three Arrows Capital back in June of 2020.

Three Arrows Capital & Poolin Wallet Strategic Partnership

While the cause of Poolin’s “liquidity issues,” is not exactly known, if the two firms were still financially interlinked during the fall of Three Arrows Capital amid the crypto industry contagion, that event could certainly have played a factor.

Read: Bitcoin Magazine PRO Contagion Report

Read Entire Article
Tags: bitcoinMagzineCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$28,340.005.75%
  • ethereumEthereum(ETH)$1,809.545.23%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.10%
  • binancecoinBNB(BNB)$317.222.73%
  • usd-coinUSD Coin(USDC)$1.00-0.19%
  • rippleXRP(XRP)$0.5717.10%
  • cardanoCardano(ADA)$0.38728911.15%
  • Lido Staked EtherLido Staked Ether(STETH)$1,806.105.10%
  • dogecoinDogecoin(DOGE)$0.0759735.08%
  • matic-networkPolygon(MATIC)$1.148.68%
  • SolanaSolana(SOL)$21.157.08%
  • Binance USDBinance USD(BUSD)$1.000.01%
  • polkadotPolkadot(DOT)$6.246.59%
  • litecoinLitecoin(LTC)$91.796.38%
  • Shiba InuShiba Inu(SHIB)$0.0000114.04%
  • tronTRON(TRX)$0.0646791.17%
  • AvalancheAvalanche(AVAX)$17.264.84%
  • daiDai(DAI)$1.00-0.25%
  • UniswapUniswap(UNI)$5.995.14%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,296.005.32%
  • chainlinkChainlink(LINK)$7.256.69%
  • cosmosCosmos Hub(ATOM)$11.283.51%
  • leo-tokenLEO Token(LEO)$3.400.69%
  • ToncoinToncoin(TON)$2.123.49%
  • ethereum-classicEthereum Classic(ETC)$20.845.37%
  • moneroMonero(XMR)$157.912.53%
  • stellarStellar(XLM)$0.10560413.34%
  • OKBOKB(OKB)$43.261.11%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • bitcoin-cashBitcoin Cash(BCH)$123.693.32%
  • filecoinFilecoin(FIL)$5.768.02%
  • AptosAptos(APT)$11.666.87%
  • Lido DAOLido DAO(LDO)$2.4318.12%
  • true-usdTrueUSD(TUSD)$1.00-0.24%
  • HederaHedera(HBAR)$0.0610223.57%
  • QuantQuant(QNT)$121.842.24%
  • CronosCronos(CRO)$0.0684353.07%
  • NEAR ProtocolNEAR Protocol(NEAR)$1.946.05%
  • vechainVeChain(VET)$0.0231646.61%
  • ArbitrumArbitrum(ARB)$1.2510.36%
  • algorandAlgorand(ALGO)$0.2167969.11%
  • ApeCoinApeCoin(APE)$4.172.49%
  • Internet ComputerInternet Computer(ICP)$5.026.25%
  • StacksStacks(STX)$1.0218.29%
  • The GraphThe Graph(GRT)$0.14743812.86%
  • FantomFantom(FTM)$0.46085314.95%
  • eosEOS(EOS)$1.155.04%
  • The SandboxThe Sandbox(SAND)$0.647.40%
  • decentralandDecentraland(MANA)$0.607.36%
  • MultiversXMultiversX(EGLD)$43.105.41%
  • ImmutableXImmutableX(IMX)$1.1612.02%
  • tezosTezos(XTZ)$1.145.82%
  • AaveAave(AAVE)$73.025.33%
  • FraxFrax(FRAX)$1.00-0.24%
  • theta-tokenTheta Network(THETA)$1.036.52%
  • FlowFlow(FLOW)$0.988.19%
  • Axie InfinityAxie Infinity(AXS)$8.526.34%
  • neoNEO(NEO)$12.946.10%
  • Rocket PoolRocket Pool(RPL)$46.1913.60%
  • kucoin-sharesKuCoin(KCS)$8.462.47%
  • ConfluxConflux(CFX)$0.38179221.71%
  • havvenSynthetix Network(SNX)$2.496.48%
  • BitDAOBitDAO(BIT)$0.533.21%
  • paxos-standardPax Dollar(USDP)$1.00-0.38%
  • WhiteBIT TokenWhiteBIT Token(WBT)$5.245.04%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.0001254.22%
  • Curve DAOCurve DAO(CRV)$0.957.46%
  • GateGate(GT)$5.155.97%
  • KlaytnKlaytn(KLAY)$0.2350345.79%
  • USDDUSDD(USDD)$0.990.03%
  • OptimismOptimism(OP)$2.2710.50%
  • bitcoin-cash-svBitcoin SV(BSV)$36.093.17%
  • Mina ProtocolMina Protocol(MINA)$0.778.60%
  • PancakeSwapPancakeSwap(CAKE)$3.693.36%
  • GMXGMX(GMX)$76.766.23%
  • dashDash(DASH)$57.805.19%
  • Frax ShareFrax Share(FXS)$8.9420.68%
  • ChilizChiliz(CHZ)$0.1186013.74%
  • makerMaker(MKR)$693.902.30%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • eCasheCash(XEC)$0.0000314.96%
  • huobi-tokenHuobi(HT)$3.641.83%
  • BitTorrentBitTorrent(BTT)$0.0000011.63%
  • iotaIOTA(MIOTA)$0.2104615.24%
  • XDC NetworkXDC Network(XDC)$0.0416734.71%
  • Bitget TokenBitget Token(BGB)$0.4054266.28%
  • cETHcETH(CETH)$36.405.37%
  • singularitynetSingularityNET(AGIX)$0.44403813.13%
  • Mask NetworkMask Network(MASK)$6.9422.95%
  • EdgecoinEdgecoin(EDGT)$1.00-0.14%
  • PAX GoldPAX Gold(PAXG)$1,984.760.20%
  • Tokenize XchangeTokenize Xchange(TKX)$6.313.59%
  • FlareFlare(FLR)$0.041209-1.21%
  • Tether GoldTether Gold(XAUT)$1,969.98-0.12%
  • Trust WalletTrust Wallet(TWT)$1.164.14%
  • KaspaKaspa(KAS)$0.02648517.82%
  • BinaryXBinaryX(BNX)$23.94-86.46%
  • loopringLoopring(LRC)$0.3678479.71%
  • zilliqaZilliqa(ZIL)$0.0279908.14%