As an organization that coordinates and distributes mining shares, Poolin is constantly working to enhance our products and diversify our services to the mining industry. Earlier this month, Poolin Wallet announced partnering with Three Arrows Capital and BlockFi to offer savings and loan options (see Coindesk).
Miners with Poolin can allocate payouts directly into savings and loan accounts without paying transaction fees.
Miners with Poolin can set Poolin wallet as their withdrawal address and use their existing Poolin accounts to log into Poolin, available for download on iOS and Android. Accounts can also be linked with Apple ID, Google, Email, and/or phone number.
Poolin wallet supports all currencies mined by Poolin, all MARS project tokens (pBTC35a, PETH18c & MARS token) Tether (USDT) and New USD (NUSD) stablecoins, as well as Dogecoin (DOGE), VCash, and Handshake (HNS).
MARS Project STAKE & PURCHASE
Poolin Wallet supports the staking of tokens pBTC35A, pETH18C & MARS. You are also able to directly purchase pBTC35A & pETH18C in the wallet.
There are NO FEES involved once your assets are in the Poolin Wallet ecosystem (depositing & withdrawing carries blockchain network fees).
Click on ETH Platinum01 to purchase pETH18C or click on BTC Gold01 to purchase pBTC35A. Once purchased, you can then earn wBTC and MARS when you stake in the appropriate pool.
Finally, the earned MARS can be staked in the MARS Diamond03 pool for wBTC.
EARN
Saving with interest-bearing accounts gives Poolin miners the ability to discover higher yields from their treasuries with minimal overhead. Funds needed to pay electricity can still be leveraged in the short term by using a flexible liquidation option, while longer-term savings can be locked into higher yield contracts. Both instances allow miners to make marginally higher returns from their block reward revenue.
Poolin provides interest-bearing contracts for Bitcoin, Tether, Litecoin, Ethereum, USDC and Zcash. All options are divided into flexible and locked. Both types are calculated using an annualized rate of return (ARR). The rates for locked savings range from 3.5% to 7% ARR whereas flexible deposits range from 3% — 4%. The locked savings cannot be liquidated until the contract matures. Flexible savings accrue compound interest daily and can be liquidated freely at any time.
In addition to savings accounts, Poolin offers two types of lending services: Flexi-Load & Fixed-Loan. Access to extra capital is critical for miners needing to cover expenses or build out their infrastructure, but operators are forced to sell their bitcoin immediately to pay off electricity bills or buy new equipment. With bitcoin collateralized loan options, miners can deposit their bitcoin as a downpayment for a loan and get it back once they have paid back the principal with interest. This is especially useful when the price of bitcoin increases because the miner can cover operational expenses while capturing the price appreciation of the collateralized asset.
Borrowing contracts are calculated using a Loan-to-Value (LTV) ratio where a percentage of the value of Bitcoin collateralized is loaned in USDT or NUSD. Flexible loans can be taken out and repaid anytime while term loans are repaid over a determined time period. Borrowers can change the LTV ratio to increase or lower their borrowing exposure according to the collateral value.
Interest rates are calculated using an Annual Percentage Rate (APR), where flexible loans are charged on a daily basis using compound interest. Here you can see an example with 1 BTC pledged as collateral with a 60% LTV ratio, the borrower receives $5784 USDT. Under a flexible loan plan, the borrower pays $0.95 USDT of interest per day, giving the borrower at most 360 days to pay off the principal.
Term loans use the same APR, but the interest is paid on a monthly basis and the principal is due in full at the end of the loan period. Loan periods can be 30, 90, 180, or 360 days all with 5.88% APR. In order to fulfill payments, borrowers must deposit USDT into their loan accounts from their wallet. The funding and loan accounts are kept separate to optimize security.
Poolin wallet also supports BIP 0021 transfers which allow users to add a note and specify the amount of bitcoin to receive like an invoice. Users can generate new addresses and assign specific labels to organize different sources of incoming funds. Recurring addresses are then saved in the address book.
Users can find the address book in the account tab in addition to personal settings such as flexible KYC, security, language and currency settings, contact and support, and sharing options.
Information on Poolin Standarized Mining can be found here:
https://medium.com/poolin/poolin-standarized-mining-a89eaddb3342
