Poolin, the world’s largest multi-cryptocurrency mining pool, has announced that, according to a TheBlock article on February 8, 2021, it has successfully raised $10 million from the sale of its pBTC35A
bitcoin hashrate token to institutional investors, including Three Arrow Capital, Hashkey, Fenbushi, FBG Capital, and others.
The Second Token Selling by Poolin Successfully
Poolin, the world’s second-largest bitcoin mining pool, is doing everything within its powers to stay on top of the game at a time when there is an insatiable demand for bitcoin (BTC), the world’s leading digital currency from institutional investors such as Grayscale and others.
Poolin has announced that it has raised $10 million from its pBTC35A bitcoin hashrate token sale to several crypto-focused venture capital firms, including Three Arrow Capital, Hashkey, Mindfulness Capital, Fenbushi, FBG Capital, IOSG and Ledger Prime, in the latest growth.
The Poolin pBTC35A token, launched in January 2021, is an ERC-20 token that the firm says is intended to bridge the gap between mining proof-of-work (PoW) and yield farming. Notably, at a power efficiency of 35 joules per TH, each pBTC35A token is backed by PoolIn’s Bitcoin hash power of 1 terahash per second (TH/s).
Notably, the pBTC35A token plays a major role in the “one-stop decentralized and standardized hashrate protocol dubbed Mars” self-acclaimed by Poolin, which is intended to support its users from the DeFi yield farming craze.
On February 5, 2021, reports emerged that Poolin had acquired the crypto mining hashrate for an undisclosed sum from NovaBlock, a North American company, and the migration of the hashrate is expected to be completed on February 8, 2021.
Explaining the reason behind its latest token sale to institutional investors, Poolin noted that the funds raised would enable it to get back the money spent on the purchase of bitcoin mining equipment for its tokenized hashrate offering, barely one month after orchestrating the sale of the first batch of 100k units of pBTC35A tokens to retail investors.
Moreover, Poolin indicated that the newly sold pBTC35A tokens would be locked for 30 days, after which investors will be able to stakethem on the Mars protocol in the available liquidity pools and collect as rewards the governance token or Wrapped BTC (wBTC) of the network.
The yield is determined on the basis of the total amount of BTC mined at the present difficulty rate with Poolin’s hashrate, after deducting the energy expense at $0.058 per kWh and the 2.5 percent charge for Poolin.
The price of bitcoin (BTC) is floating around the price zone of $39k at press time, with a market cap of $730.02 billion, as seen on CoinMarketCap.