Poolin Files for Chapter 11 Bankruptcy Amid $173M Debt

Poolin, once the world's largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the US due to financial difficulties.

The company's total debt is approximately $173.1 million, with a significant portion of that ($163.7 million) consisting of IOUs issued to Poolin Wallet users after withdrawals were suspended in 2022.

As part of its bankruptcy proceedings, Poolin plans to sell two Bitcoin mining facilities located in western Texas for an initial bid of $52 million.

The company's financial problems began with the sharp decline in the cryptocurrency market in 2022 and decreased mining revenue, which led to liquidity issues.