Poolin Files for Bankruptcy Amid Ongoing Volatility in Bitcoin Mining

Poolin, once the largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy in New Jersey. The Singapore-based company controlled up to 20% of the global Bitcoin hashrate before citing 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.

This development underscores the ongoing volatility in the Bitcoin mining sector. Market pricing implies a reduced likelihood of Bitcoin reaching higher price targets by the end of July, with decreased YES percentages across several sub-markets.