Poolin Files for Bankruptcy Amid Bitcoin Mining Woes

Poolin, once one of the largest Bitcoin mining pools, has filed for bankruptcy. The collapse is significant, as Poolin was among the top three mining pools in terms of hash rate and revenue.

The news comes after a tumultuous period for the cryptocurrency market, with bitcoin's price plummeting to around $15,000 in June 2022.

Poolin had been struggling to stay afloat since then, reportedly laying off staff and reducing its operations. However, it appears that these efforts were not enough to prevent the company's demise.