Poolin, one of the largest providers of Bitcoin mining-pool services, has suspended all withdrawals, flash trades and internal transfers within the Beijing-based firm’s system, citing the need to preserve liquidity.
Bitcoin mining pools are essentially the software that aggregates computing power from miners to increase the probability of winning the token rewards by securing the Bitcoin network. They charge miners a fee for providing the services. The mining process involves millions of powerful computers that compete to be the first to come up with a solution to validate transaction data encrypted by the blockchain and win the Bitcoin rewards for ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.