Poolin Bankruptcy Sends Shockwaves Through Bitcoin Mining Sector

Poolin, once the largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy in New Jersey. The Singapore-based company previously controlled up to 20% of the global Bitcoin hashrate and cited substantial liabilities of approximately $173.1 million against assets valued between $1 million and $10 million.

The bankruptcy filing includes two U.S. affiliates and marks the end of Poolin’s mining operations. The company is seeking to sell its remaining mining sites in West Texas through a court-supervised process, with a $52 million stalking-horse bid already in place.