Poolin Files for Bankruptcy Amid $173M Debt and Collapsed Hasrate Share

Poolin, once the world's largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in New Jersey. The company cited debts of around $173 million and a liquidity crisis that led to freezing customer funds in 2022.

In its heyday, Poolin controlled up to 20% of global hashrate in 2019. However, its share has since dropped to nearly zero, marking a steep fall from its peak dominance in Bitcoin mining.

The main asset recovery option for creditors is a $52 million bid for Poolin's West Texas mining sites.