Poolin Files for Bankruptcy Amid Rising Electricity Costs

Singapore-based Bitcoin mining pool Poolin has filed for Chapter 11 bankruptcy in a New Jersey court. The company's US affiliates have also joined the filing, which estimates liabilities of $100 million to $500 million and assets of $1 million to $10 million.

Poolin is seeking court approval to sell two West Texas mining sites to Thor CALAP LLC for $52 million under a proposed stalking-horse bid. This includes $37 million for the Tarbush assets, including assumed liabilities, and $15 million for the Pyote site, including power rights, equipment, and other assets.

The company was once the world's largest Bitcoin mining pool in 2019 but now ranks as the 17th largest with a 0.2% market share, according to Hashrate Index.