From Hashrate Heavyweight to Has-Not: Poolin Files Chapter 11 💔

Singapore-based Bitcoin mining pool Poolin and two of its US affiliates filed for Chapter 11 bankruptcy in a New Jersey court on Wednesday, with estimated liabilities of $100 million to $500 million and assets of $1 million to $10 million. The court filing lists between 10,001 and 25,000 creditors. Poolin once stood as the world's largest Bitcoin mining pool in 2019 and now ranks as the 17th largest mining pool operator by hashrate, holding a 0.2% market share, according to Hashrate Index.

The company and its affiliates are seeking court approval to sell two West Texas mining sites to Thor CALAP LLC under a proposed $52 million stalking-horse bid. The breakdown includes $37 million for the Tarbush assets, including assumed liabilities, and $15 million for the Pyote site, covering power rights, equipment and all other assets tied to the mining facilities. The proposed sale would be subject to a court-supervised auction, with a bid deadline of Sept. 8 under the proposed bidding procedures.

Poolin's filing comes as Bitcoin miners face mounting financial pressure from rising electricity costs, with some operations shutting down while others restructure or pursue new revenue lines. In February, NFN8 Group and two of its affiliates filed for Chapter 11 bankruptcy in the Western District of Texas. In November 2025, Bitfarms initiated a complete wind-down of its Bitcoin ($BTC) mining operations to pivot to AI and high-performance computing data centers.

Industry shifts toward AI infrastructure intensified this week. On Monday, Hut 8 announced a 15-year, $9.8 billion lease for its AI data center campus, while IREN disclosed $2.8 billion in cloud services contracts with AI developers. Earlier in July, MARA Holdings announced plans to acquire a Texas site with up to 2 gigawatts of capacity to expand its AI and digital infrastructure business. Wealth management company Bernstein said that deals with third-party providers, such as Bitcoin miners, will be necessary for AI companies seeking to address the computing power limits of AI data centers.