Bitcoin mining pool Poolin files for Chapter 11 bankruptcy
Bitcoin mining pool Poolin, along with two US affiliates, has filed for Chapter 11 bankruptcy in a New Jersey court. The Singapore-based company estimates liabilities between $100 million and $500 million, with assets ranging from $1 million to $10 million and over 10,000 creditors. The filing includes a proposed $52 million "stalking horse" bid to sell two West Texas mining sites, subject to a court auction. Once the world's largest mining pool in 2019, Poolin now ranks 17th by hashrate with a 0.2% market share.
The news highlights growing financial pressures on Bitcoin miners, driven by rising electricity costs. Other firms, like NFN8 Group, have also recently filed for bankruptcy. In response, many miners are diversifying. For instance, Bitfarms is winding down its mining to pivot to AI data centers, while Hut 8 and IREN have announced major AI infrastructure deals worth billions. Analysts suggest such partnerships with miners will be crucial for AI companies needing computing power.
cointelegraphВчора 12:49
