Poolin Files for Chapter 11 Bankruptcy Amid Texas Mining Site Auction

Poolin, a major Bitcoin mining pool operator based in Singapore, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey.

The filing lists liabilities of approximately $173.1 million, with assets ranging between $1 million and $10 million, and between 10,001 to 25,000 creditors.

Poolin's decision to auction its Texas mining sites, featuring a $52 million stalking-horse bid from Thor CALAP LLC, is part of a broader strategy to repay its 11,700 users.

The bankruptcy filing indicates a significant shift in the Bitcoin mining landscape, as Poolin was once among the industry leaders.