Poolin Files for Bankruptcy as Bitcoin Mining Industry Faces Financial Constraints

Singapore-based Bitcoin mining pool Poolin and its US affiliates have filed for Chapter 11 bankruptcy in a New Jersey court. The court filing shows that Poolin's estimated liabilities range from $100 million to $500 million, with assets valued between $1 million and $10 million. This puts the number of creditors at 10,001 to 25,000.

Poolin is seeking approval to sell two West Texas mining sites to Thor CALAP LLC for a proposed $52 million stalking-horse bid. The sale 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 proposed sale is subject to a court-supervised auction with a September 8 bid deadline under the bidding procedures. Poolin was once the world's largest Bitcoin mining pool in 2019 but now ranks as the 17th largest operator by hashrate, holding a 0.2% market share.