Crypto Miner Poolin Files For Bankruptcy
Bitcoin mining operator Poolin Technology has filed for Chapter 11 bankruptcy protection in a New Jersey court. The Singapore-based company sought to protect itself from its creditors by listing assets valued between $1 million and $10 million, and liabilities potentially exceeding $500 million. The filing estimates around 10,001 to 25,000 creditors.
Poolin aimed to sell its business to preserve value for creditors, with qualified bids due by September 8 and an auction set for the following day. Bitcoin mining pools bring together multiple miners to boost their chances of mining new Bitcoin. Poolin, which was privately held and had no public stock trading, operated a Bitcoin mining pool before filing for bankruptcy.
As Bitcoin miners increasingly shift towards AI and high-performance computing data centers, Poolin joins other leading Bitcoin miners like Riot Platforms and Hut 8 in this transformation.
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