Bitcoin mining pools usually follow the same approach, with differences found in terms of fees, payout thresholds, and so forth. Poolin is stepping up its game in a rather interesting way. It now lets miners allocate payouts into savings and loan accounts.
Evolving as a Mining Pool
Whereas most Bitcoin mining pools may be happy with the way their operation runs, Poolin is a different company. Rather than resting on its laurels, the team is pushing the boundaries at every turn, Expanding upon the available products and services is one way of getting more attention.
Poolin miners now have an extra option to put their payouts to work. By allocating these earnings into savings and loan accounts, they can explore a whole different avenue. All of this is achieved through the Blockin wallet, which recently partnered with Three Arrows Capital and BlockFi.
Setting up the Blockin wallet as a withdrawal address on Poolin will unlock more potential. All currencies mined through this pool are supported within the wallet. Additionally, it also provides support for stablecoins such as NUSD and USDT.
Putting Mining Payouts to Work
For Poolin miners, putting their payouts to work is an option worth exploring. Using payouts to explore interest bearing accounts can provide a much higher yield compared to just mining efforts.
In this modern day and age, it is crucial to explore any and every legal option to make money. Using passive methods, such as interest bearing accounts, can prove worthwhile over time.
Poolin VP Alejandro de la Torre adds:
“Poolin is the very first pool to provide financial options to their miners. we’re happy to see the impressive growth so far.”
More importantly, users can still choose how to invest their payouts. One option is to use short-term solutions with a flexible liquidation option. Longer-term payouts which don’t need to be converted to fiat right away can benefit from higher yield contracts.
One added benefit of this approach is financial peace of mind. To be more specific, locked savings cannot be liquidated until a contract has fully matured.
For flexible savings, users will accrue compound interest every single day. Once they need the funds, or want to explore a different option, the position can be liquidated freely.
Lending Services Through Blockin
There is a lot more to this new wallet than meets the eye at first. Decentralized finance is a growing industry as of late. Blockin eagerly explores different options in this industry. Giving users access to two types of lending services further confirms the company’s commitment to the crypto industry.
Some miners may find themselves in a position where extra capital is required. Covering expenses can be very costly, especially for crypto miners. Moreover, there are some operators who dislike having to sell off their payouts immediately to simply cover expenses.
Through Blockins‘ collateralized loan option, it becomes possible to use Poolin payouts as a downpayment for a loan. The downpayment can be recovered once the principal has been paid back with interest. A positive Bitcoin price change would make this option even more lucrative.
There are also flexible loans, which can be taken out and repaid whenever it is convenient. This is different from term loans, as those require payments over a specific time period.