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Poolin sent over 5K Bitcoin to exchanges since May 30

The Poolin mining pool signals further distress as its BTC to exchanges count continues to climb.

James Van Straten
Jun. 9, 2023 at 10:24 am UTC
1 min read
Updated: Jun. 9, 2023 at 10:24 am UTC

Quick Take

  • On June 5, CryptoSlate reported that a high volume of Bitcoin was being sent from miner balance to exchanges.
  • Further analysis has confirmed a significant proportion of the miner outflow is attributable to the Poolin miner pool.
  • Poolin sent 1,200 Bitcoin to Binance yesterday. This takes their total BTC outflow to 5,800 since May 30.
  • CryptoSlate had previously reported that Poolin was experiencing distress, leading to a 94% decline in their hash rate from all-time highs.
Miners to exchanges: (Source: Glassnode)
Miners to exchanges: (Source: Glassnode)
Analyst View profile
James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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