Bitcoin Mining Giant Poollin Files for Bankruptcy Amid Financial Struggles

Poollin, once a dominant force in Bitcoin mining, has filed for Chapter 11 bankruptcy protection in the U.S. The move represents about 20% of Bitcoin's global hashrate.

The company's prepetition obligations total around $173.1 million, with approximately $163.7 million tied to IOUs issued to customers since the freeze on wallet withdrawals in 2022.

Poollin will sell its mining assets in Texas under a $52 million stalking-horse sale as part of its restructuring efforts.