• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Poolin Reward Tokens Plummet In Response To China Bitcoin Mining Exodus

Hououin Kyouma by Hououin Kyouma
1 year ago
in Crypto
Reading Time: 3 mins read
Advertisement

Following China’s bitcoin mining crackdowns, Poolin has suspended rewards for its tokenized hashrate contracts.

The wBTC and wETH rewards are on pause until “less than 60 days”, as per a blog post from Poolin.

Poolin Pauses Rewards For pBTC35A And pETH18C

Poolin’s tokenized hashrate contracts, pBTC35A and pETH18C, have all their wBTC and wETH rewards suspended until less than 60 days.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The reason behind the move is China’s ongoing crackdown on mining farms, which has forced miners around the country to migrate elsewhere.

The 60-days timeframe correlates to the migration time needed to move mining farms out of China.

As a consequence of the rewards payout suspension, holders are pulling out of the contracts in hordes.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Related Reading | Bitcoin Hash Rate Goes On Death Spiral Post China’s Crackdown On Miners

Here is how the pETH token price and volume chart looks like right now:

pETH price rapidly goes down | Source: Compass Mining Memo

The chart shows that pETH price has rapidly corrected following the announcement.

Similarly for pBTC, the below chart highlights the trend in its price and volume:

pBTC plummets following rewards suspension | Source: Compass Mining Memo

Two other notable takeaways from the graphs are that pETH hit a single-day $2 million turnover in volume for the first time ever, but pBTC only hit a monthly high.

The other high turnovers in pBTC volume were in the months of April and May. The first one corresponds to the coal mine flooding incident in Xinjiang that cut power supply to Bitcoin miners, while the second one was caused by the 21% difficulty adjustment.

The Poolin team plans to pack and transport their mining rigs to another location within 60 days, after which rewards are expected to resume normally.

Related Reading | Institutional Bitcoin Selloff Leaves Retail With Bloody Aftermath

It should be noted that while wBTC and wETH rewards are paused, Poolin is still offering rewards in the Mars token.

Mars is the platform’s native governance token, holders of which can usually vote on decisions relating to the platform.

However, for the decision of cutting out wBTC and wETH rewards, no Mars holder was able to vote. Poolin went forth with the initiative by themselves.

Bitcoin Price

Right now, Bitcoin is priced around $34k, up 2% in the past week, but down 7% in the last 30 days.

China’s latest mining crackdowns are also responsible for BTC’s latest crash. As BTC miners were also forced to shutdown their farms, and migrate elsewhere.

Here is a chart showing the trend in its price:

Bitcoin price chart

BTC seems to have stagnated around this point | Source: BTCUSD on TradingView

It’s hard to say where the price will be heading next. There is a possibility BTC is entering a bear market as a never-before wrong signal has been triggered.

Tags: bitcoinbitcoin miningbtcchinaminingPoolinWBTCwETH
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Hououin Kyouma

Hououin Kyouma

Loves to write, enthusiastic about cryptocurrency. Currently studying Physics at university.

Related Posts

Crypto

Extreme Fear Remains: Recapping What’s Behind The Crypto Market Panic

2 days ago
Bankman-Fried, a target and a dart

Bankman-Fried Is Looking At “Secretly insolvent” Small Exchanges & Crypto Miners

2 days ago
Glassnode Deems 2022 Bear Market As The Most Atrocious For Crypto Community

Glassnode Deems 2022 Bear Market As The Most Atrocious For BTC And All Cryptocurrencies

3 days ago
“Buy The Dip” Sentiment Fails To Save Crypto Market, New Data Reveals Why

“Buy The Dip” Sentiment Fails To Save Crypto Market, New Data Reveals Why

4 days ago
crypto

Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning?

1 week ago
Voyager, two businessman shaking hands

Controlling The Chaos: Alameda Ventures Bails Out Voyager With $200M & 15K BTC

1 week ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.