Bitcoin mining pool Poolin files for Chapter 11 bankruptcy
Poolin, a Singapore-based Bitcoin mining pool, and two U.S. affiliates filed for Chapter 11 bankruptcy in New Jersey. The filing estimates liabilities of $100 million to $500 million against assets of $1 million to $10 million, with 10,001 to 25,000 creditors. Poolin is also seeking approval to sell two West Texas mining sites to Thor CALAP LLC through a proposed $52 million stalking-horse bid: $37 million for the Tarbush assets and $15 million for the Pyote site. The sale would proceed through a court-supervised auction, with a bid deadline of Sept. 8. Once the world’s largest mining pool, Poolin now holds about 0.2% of the Bitcoin mining market. The filing reflects broader pressure on miners from high electricity costs, prompting bankruptcies, restructurings, and moves into AI infrastructure.
