Mining Pool Poolin Partially Resumes Payments on Hashrate Tokens
Chinese mining pool Poolin has partially resumed payments of crypto to users who have blocked hashrate tokens in the Mars protocol.
ERC-20 tokens pBTC35A and pETH18C can be used for staking to receive WBTC and Ethereum as a reward. Each asset represents 1TH/s and 1MH/s of the computing power of the corresponding network. Token holders also receive Mars protocol’s native tokens.
In June 2021, Poolin halted the payment of hashrate tokens. The decision of the authorities of the Chinese provinces of Xinjiang and Sichuan to stop mining operations affected the company’s enterprises, which made it impossible for it to receive the underlying assets for pBTC35A and pETH18C.
The company is gradually installing equipment outside the PRC. However, the cost of electricity at new sites is significantly higher than in China.
When the Poolin Bitcoin miners were in China, the electricity tariff was $0.058 per kWh. Now it is estimated at $0.08 per kWh or about 38% higher.
The same is true for Ethereum miners. In this case the cost of electricity has doubled from $0.075 to $0.15 per kWh.
