Poolin Files for Bankruptcy Protection Amid Bitcoin Mining Woes

Poolin, once the world's largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the United States. The company is seeking to sell two West Texas mining sites for $52 million as part of a creditor recovery program.

Court filings reveal that Poolin has liabilities ranging from $100 million to $500 million and assets worth between $1 million and $10 million. The company estimates it has around 10,001 to 25,000 creditors.

The sale of the mining sites is expected to be conducted as a court-supervised auction with a deadline set for September 8. Poolin was the largest Bitcoin mining pool in 2019 but has since fallen to 17th place with a 0.2 percent share of hashrate, according to the Hashrate Index.

The Bitcoin mining industry is facing growing financial pressure due to rising electricity costs, with some operators halting operations or seeking new revenue streams.