Singapore-based Bitcoin mining pool Poolin and two of its US affiliates filed for Chapter 11 bankruptcy in a New Jersey court on Wednesday.
A steep fall from the top
Poolin’s court filing shows estimated liabilities of $100 million to $500 million, assets of just $1 million to $10 million, and between 10,001 and 25,000 creditors.
Back in 2019, Poolin was the world’s largest Bitcoin mining pool.
Today it ranks as the 17th largest operator by network hashrate, holding just a 0.2% market share, according to Hashrate Index.
Selling off the Texas sites
Poolin 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 deal breaks down to $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 facilities.
The sale would be subject to a court-supervised auction, with a bid deadline of Sept. 8 under the proposed procedures.
Miners squeezed by costs and turning to AI
Mining operations are facing mounting financial pressure from rising electricity costs, pushing some to shut down while others chase new revenue.
In February, NFN8 Group and two affiliates filed for Chapter 11 in the Western District of Texas.
Others are pivoting toward AI infrastructure.
Bitfarms began winding down its mining operations in November 2025 to focus on AI and high-performance computing.
Hut 8 recently signed a 15-year, $9.8 billion lease for an AI data center campus, while IREN disclosed $2.8 billion in cloud contracts with AI developers.
MARA Holdings also announced plans to acquire a Texas site with up to 2 gigawatts of capacity to grow its AI business.
