Poolin Bitcoin Mining Pool Files Bankruptcy and Announces Texas Asset Auction

Poolin, formerly one of the world’s largest Bitcoin mining pools responsible for roughly 20% of the network’s hash power, has filed for bankruptcy. The company reports cash reserves of under $10 million against liabilities exceeding $100 million. After halting withdrawals in 2022 and issuing IOU notes to its users, about 11,700 creditors still await repayment. To satisfy those debts, Poolin is auctioning its two mining facilities in Texas, with an initial bid reported around $50 million. The proceeds will be used to settle outstanding claims, though creditors typically receive only a fraction of what they are owed in such proceedings. The collapse highlights the systemic risks faced by centralized mining pools in a market strained by falling cryptocurrency prices and high energy costs.