Poolin Files for Bankruptcy as Mining Sector Faces Financial Strains

Singapore-based Bitcoin mining pool operator Poolin has filed for Chapter 11 bankruptcy in a New Jersey court. The company's US affiliates have also joined the filing, citing significant financial strain due to rising electricity costs and infrastructure expenses.

Poolin estimates liabilities between $100 million and $500 million, with assets valued at $1 million to $10 million. The company has 10,001 to 25,000 creditors, according to the filing.

In an effort to restructure and monetize its remaining assets, Poolin is seeking permission to sell two West Texas mining sites to Thor CALAP LLC. The proposed stalking-horse bid values the deal at $52 million, with $37 million allocated for the Tarbush assets and $15 million for the Pyote site.