Poolin Files for Bankruptcy as Mining Firms Struggle with Electricity Costs

Poolin, a Singapore-based Bitcoin mining pool operator and its two US affiliates have filed for Chapter 11 bankruptcy in New Jersey. The company is struggling with cost pressures, particularly electricity costs, which are affecting many mining businesses.

The bankruptcy filing estimates liabilities between $100 million and $500 million, while assets are estimated to be between $1 million and $10 million. This suggests that creditors may be evaluating a realistic path toward partial recoveries rather than a straightforward reorganization.

As part of the restructuring process, Poolin is seeking court approval to sell two West Texas mining sites to Thor CALAP LLC through a proposed stalking-horse bid valued at $52 million. The sale would cover Tarbush assets, including assumed liabilities, for $37 million and the Pyote site, including power rights and equipment, for $15 million.

The company's decision to file for bankruptcy comes as mining businesses continue to grapple with rising electricity costs and variable energy prices. Some operators are looking for new revenue streams beyond block production, while others are seeking to diversify into AI and data-center infrastructure.