Key facts
- Bitcoin mining pool Poolin and two U.S. affiliates filed for Chapter 11 bankruptcy in New Jersey.
- Poolin's liabilities are estimated between $100 million and $500 million.
- The company seeks to sell two West Texas mining sites for $52 million to Thor CALAP LLC.
- The sale is subject to a court-supervised auction with a bid deadline of September 8.
- Poolin was previously the world's largest Bitcoin mining pool but now holds a 0.2% market share.
Singapore-based Bitcoin mining pool Poolin, along with two of its U.S. affiliates, has filed for Chapter 11 bankruptcy in a New Jersey court. The filing reveals estimated liabilities ranging from $100 million to $500 million, with assets between $1 million and $10 million, and between 10,001 and 25,000 creditors. As part of its creditor recovery plan, Poolin is seeking court approval to sell two West Texas mining sites to Thor CALAP LLC for a proposed $52 million. This includes $37 million for the Tarbush assets and $15 million for the Pyote site, encompassing power rights, equipment, and other related assets. The sale will be subject to a court-supervised auction, with a bid deadline set for September 8. Poolin, which was once the world's largest Bitcoin mining pool in 2019, now ranks as the 17th largest by hashrate, holding a 0.2% market share according to Hashrate Index. The cryptocurrency mining industry is facing financial pressures from rising electricity costs, leading some operations to restructure or pivot. In February, NFN8 Group and its affiliates also filed for Chapter 11 bankruptcy. Other miners are diversifying into AI infrastructure, with Bitfarms planning to wind down Bitcoin mining operations to focus on AI data centers. Recently, Hut 8 and IREN announced significant AI infrastructure deals, and MARA Holdings revealed plans to expand its AI and digital infrastructure business.