Bitcoin mining pool Poolin files for Chapter 11 bankruptcy

[safar1980]

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, according to Hashrate Index.

[Nexus9090]

And the first domino falls

BTC at its current price Vs the network diff is unsustainable.

Come the next halving its game over.

[FP91G]

This pool's problems began after the mining ban in China and continued after the organization moved to the United States.

A Wind-Down, Not A Comeback Story
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The key point is not to frame this as a classic turnaround.

The filing indicates an orderly wind-down and asset liquidation process. That is different from a company restructuring around a new growth plan.

Poolin’s West Texas sites may find a buyer. Creditors may recover some value. The bankruptcy court may bring order to a messy situation. But the story is not really about Poolin returning as a stronger miner.

It is about resolving what is left.