Poolin Files for Bankruptcy Amid Bitcoin Mining Industry Pressures
Singapore-based Bitcoin mining pool Poolin has filed for Chapter 11 bankruptcy in a New Jersey court. The company, along with its two US affiliates, estimated liabilities of $100 million to $500 million and assets of $1 million to $10 million.
The filing also includes details about the sale of two West Texas mining sites to Thor CALAP LLC under a proposed $52 million stalking-horse bid. This includes $37 million for the Tarbush assets, including assumed liabilities, and $15 million for the Pyote site, including the power rights, equipment, and all other assets tied to the mining facilities.
Poolin was once the world's largest Bitcoin mining pool in 2019 but now ranks as the 17th largest operator by hashrate, with a 0.2% market share. The company is seeking court approval for the sale of its assets and a court-supervised auction process.