{"id":44948,"date":"2021-06-25T10:23:30","date_gmt":"2021-06-25T07:23:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=44948"},"modified":"2025-08-31T19:22:35","modified_gmt":"2025-08-31T16:22:35","slug":"poolin-halts-payouts-on-hashrate-tokens-amid-crackdown-on-miners-in-china","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/poolin-halts-payouts-on-hashrate-tokens-amid-crackdown-on-miners-in-china\/","title":{"rendered":"Poolin halts payouts on ‘hashrate tokens’ amid crackdown on miners in China"},"content":{"rendered":"

The mining pool Poolin, which controls 11,3%<\/a> of Bitcoin’s hashrate, announced<\/a> the suspension of payouts of Bitcoin and Ethereum for users who locked hashrate-tokens in the Mars protocol.<\/p>\n

The organisation moved to suspend this step following orders from authorities Xinjiang<\/a> and Sichuan<\/a> to halt cryptocurrency mining operations. Such actions affected Poolin’s computing power, depriving it of the ability to access the underlying assets for the hashrate-tokens.<\/p>\n

The pBTC35A and pETH18C tokens, issued in January and March, can be staked to earn WBTC and Ethereum. Each ERC-20 token unit represents 1 TH\/s and 1 MH\/s of hashrate in the respective networks.<\/p>\n

The payout suspension is for up to 60 days, in line with the expected miner-migration schedule.<\/p>\n

\n

“Over the last 30 days, the Mars team has signed long-term hosting contracts with some of the largest data centres in the industry. We are confident that we will resolve the issue with our partners in the United States”<\/em>, \u2014 the pool explained in a blog post.<\/p>\n<\/blockquote>\n

According to CoinGecko, in the last 24 hours the price of pBTC35A<\/a> fell by 26.4%, pETH18C<\/a> by 30.2%. From their all-time highs, the tokens are down 68.5% and 71.1%, respectively.<\/p>\n

The crackdown on miners in China has led<\/a> to a rise in the supply of used ASIC devices.<\/p>\n

Foundry’s vice president Kevin Zhang estimated that 70% of the lost hashrate resulted from Chinese authorities’ actions. The specialist predicted<\/a> that by the end of June the figure would rise to 90%.<\/p>\n

Subscribe to ForkLog’s news on Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Poolin, which controls 11.3% of Bitcoin’s hashrate, announced the suspension of payouts of Bitcoin and Ethereum for users who locked hashrate-tokens in the Mars protocol.<\/p>\n","protected":false},"author":1,"featured_media":44949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,1137,791,1927],"class_list":["post-44948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-cryptocurrency-mining","tag-erc-20","tag-poolin"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/44948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=44948"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/44948\/revisions"}],"predecessor-version":[{"id":44950,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/44948\/revisions\/44950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/44949"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=44948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=44948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=44948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}