Bitcoin mining pool Poolin files for Chapter 11 bankruptcy

Poolin, once the world’s largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy in New Jersey and is seeking approval to sell two West Texas mining sites for a proposed $52 million. The filing lists estimated liabilities of $100 million to $500 million against assets of just $1 million to $10 million, underscoring severe financial distress in the mining sector. The case highlights the broader pressure on Bitcoin miners from high electricity costs and shrinking margins, which has pushed some operators to shut down, restructure, or pivot toward AI and high-performance computing. The news may add to negative sentiment around mining-related crypto infrastructure, though it is more directly a credit/restructuring event for Poolin than a direct hit to Bitcoin’s network economics.