- Bitmain wins $296,000 lawsuit against cryptocurrency mining pool Poolin
- Poolin is the second-largest cryptocurrency mining pool
Cryptocurrency mining giant Bitmain, won a legal battle against cryptocurrency mining pool Poolin. According to the ruling, Poolin will pay Bitmain just under 2,100,000 Yuan, worth approximately $296,000 for violating the non-compete agreement with Bitmain.
Bitmain’s lawsuit targetted three former Bitmain employees, who then violated the non-compete agreement by starting Poolin. The settlement required the former executives to return 870,000 Yuan ($123,000) of their pay at former employer, Bitmain.
In addition, Poolin was required to pay 1,222,000 Yuan ($173,000) in settlement and legal fees. Although the settlement is nothing to scoff at, Bitmain’s initial suit sued Poolin for 30,000,000 Yuan ($4.3M).
Poolin is a multi-currency cryptocurrency mining pool. The pool has grown massively since its inception, becoming the second-largest Bitcoin mining pool with 20% of the network hashrate.
Furthermore, it is unclear whether the settlement prohibits future pool operation.
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