Bitcoin mining pool Poolin files for Chapter 11 bankruptcy
Singapore-based Bitcoin mining pool Poolin and two of its US affiliates filed for Chapter 11 bankruptcy in a New Jersey court on Wednesday.
Poolin’s court filing shows that the mining pool operator has estimated liabilities of $100 million to $500 million, assets of $1 million to $10 million and 10,001 to 25,000 creditors.
Poolin and its affiliates are also seeking court approval to sell two West Texas mining sites to Thor CALAP LLC under a proposed $52 million stalking-horse bid. This includes $37 million for the Tarbush assets, including assumed liabilities, and $15 million for the Pyote site, including the 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 was once the world’s largest Bitcoin mining pool in 2019. It now ranks as the 17th largest mining pool operator by hashrate, with a 0.2% market share.
Related: Hobby-level miner bags $200K solo BTC block with budget Bitaxe rig
Bitcoin miners increasingly turn to restructuring and AI
Bitcoin mining operations are facing growing financial constraints due to rising electricity costs, forcing some operations to shut down while others are seeking new revenue sources.
In February, NFN8 Group and two of its affiliates filed for Chapter 11 bankruptcy in the Western District of Texas.
Other miners have sought to diversify into AI infrastructure. In November 2025, Bitfarms initiated a complete wind-down of its Bitcoin mining operations to pivot to AI and high-performance computing data centers.
On Monday, Bitcoin mining companies Hut 8 and IREN announced major AI infrastructure deals. Hut 8 announced a 15-year, $9.8 billion lease for its AI data center campus and 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.
Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AI demand drives TSMC to accelerate capacity expansion, 2nm monthly production aims for 120,000 wafers by year-end
According to reports, industry giants such as Apple, Nvidia, and AMD have collectively increased their orders by 10% to 20%, directly boosting TSMC's 2nm monthly production capacity to 120,000 wafers by the end of the year, which exceeds the previous estimate by more than 20% and brings forward the 2027 target by two years. For the first time in history, five factories will ramp up production simultaneously, and the annual compound growth rate of capacity from 2026 to 2028 will reach as high as 70%.
Long-term US Treasury Sell-off Continues! 10-Year Treasury Yield Breaks 5.2% Again, “AI Boom vs. Rising Financing Costs” Narrative Showdown Intensifies
On Monday, oil prices rose and US Treasury bonds were sold off again as former US President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, heightening concerns about inflation.
Banks Have Been Earning Effortlessly from Idle Funds for Years—Will AI Agents Change Everything?
For years, banks have profited from customers' idle funds, but AI agents may be about to change this situation.
Goldman Sachs: US stocks are showing a "strong index, weak confidence" pattern; catch-up rally may become the main theme of the next phase
Goldman Sachs stated that the current U.S. stock market is showing an unusual pattern: while index performance is strong, investor confidence remains weak. This suggests that the market still has further upside potential, and stocks that previously lagged behind leading AI stocks may soon experience a catch-up rally.
Crypto prices
More
