Poolin Files for Bankruptcy Amid Rising Energy Costs and Regulatory Scrutiny

Poolin, one of the largest Bitcoin mining pools in the world, has filed for Chapter 11 bankruptcy protection in New Jersey. The company plans to auction two mining sites in West Texas with a starting bid of $52 million.

The filing reflects broader financial strains across the Bitcoin mining industry, driven by rising energy costs and increasing regulatory scrutiny.

Powell was formerly one of the largest Bitcoin mining pools in the world, aggregating hashing power from thousands of individual miners and directing it toward block production on the Bitcoin network. Its presence stabilized block times and provided smaller miners with access to more predictable income streams.