Poolin Files Bankruptcy, Leaving Thousands of Miners Out in the Cold

Poolin, once one of the top three Bitcoin mining pools globally, has filed for bankruptcy in Singapore. This move marks the end of a long and painful process that began in 2022 when Poolin announced it would freeze withdrawals due to liquidity issues.

At its peak, Poolin controlled a significant share of Bitcoin's global hashrate, competing with players like Antpool and F2Pool. However, the company never managed to recover from the crisis, accumulating mounting debts to its users in the form of IOUs.

The 11,700 creditors still waiting to be repaid are now facing an uncertain future as Poolin auctions off its remaining mining sites in Texas. The outcome will depend on the proceeds generated by the auctions and the hierarchy of claims established by the court.