Poolin Files for Bankruptcy as Bitcoin Miners Face Financial Constraints

Singapore-based Bitcoin mining pool Poolin has filed for Chapter 11 bankruptcy in a New Jersey court. The filing lists estimated liabilities of $100 million to $500 million and assets worth between $1 million and $10 million, with up to 25,000 creditors.

Poolin is seeking approval to sell 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 power rights, equipment, and other tied assets.

The sale would be subject to a court-supervised auction with a bid deadline of September 8 under proposed bidding procedures.