BTC mining pool Poolin partners with BlockFi
- Poolin mining pool has partnered with BlockFi to expand its crypto lending and financial services business.
- BlockFi will reportedly act as an interbank lender and provide a source of capital to the crypto mining giant.
- Poolin initially introduced crypto lending offerings in February through Blockin, its crypto wallet entity.
The second-largest BTC mining pool, Poolin, has joined forces with BlockFi to expand its crypto lending and financial services business. According to a Coindesk report, BlockFi will act as an interbank lender and provide a source of capital to the crypto mining giant.
Poolin initially introduced crypto lending offerings in February through Blockin, its Singapore-registered crypto wallet entity. With more capital that’s available now, Poolin will be able to extend its business to more miners and offer annualized interest at levels less than 6%.
Yang Jianguo, head of Poolin’s financial services, said:
[A] mining pool is a traffic business and it is getting more and more competitive. Poolin has its unique advantage but we also want multiple business lines – not just lending but also financial services – that are parallel to our pool business.
Mining Bitcoin is becoming harder for small miners as the industry is getting highly commercialized. After the recent Bitcoin mining network halving, the rewards for finding per block has dropped from 12.5 BTC to 6.25 BTC.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
