Poolin Files for Bankruptcy with $173M Debt as Texas Assets Go Up for Auction
Poolin Technology Pte. Ltd., a Singapore-based company and former top Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of New Jersey.
The filing lists approximately $173.1 million in liabilities against assets estimated to be between $1-10 million, exposing the brutal math behind one of crypto's most dramatic falls from dominance.
Poolin rose to the top of the Bitcoin mining pool rankings by September 2019, but its fortunes reversed after China's 2021 mining ban forced it to pivot its operations westward. The company selected two West Texas sites, Pyote and Tarbush, expecting up to 600 MW of power capacity.
However, reality fell short at 100 MW, with excess equipment purchases compounding losses and cumulative Texas operating deficits reaching approximately $45.9 million. The 2022 crypto winter delivered the fatal blow, suspending withdrawals in September 2022 and freezing customer funds.