China-based Bitcoin mining pool, Poolin, registers a record decline in hash rate share to 1% from its all-time high of 18% – a 94% decline, according to data from Glassnode.
Source: Glassnode
Poolin contributed 4354 blocks in the Bitcoin mining pool with a hash rate share of 8.182% if we extend the timeline to a year. But, in 2022, Bitcoin mining suffered a significant blow due to increasing mining difficulty, declining Bitcoin prices, and miners closing their businesses due to declining profitability.
The recent downturn can be traced back to last September when the mining pool firm announced liquidity problems. The pool accounted for approximately 12% of Bitcoin’s hash rate prior to its announcement.
Poolin further suspended all withdrawals, flash trades, and internal transfers from its network to preserve assets and stabilize liquidity. Consequently, many miners left the pool, resulting in a drop in hashing power and block rewards.
Amidst this, Poolin had the largest miner ou
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