Singapore-based Bitcoin miner Poolin files for bankruptcy, citing up to $500 million in liabilities and plans to sell assets.
Bitcoin mining firm Poolin Technology has filed for Chapter 11 bankruptcy in New Jersey, aiming to restructure under court protection. The company listed assets between $1 million and $10 million, while liabilities may reach $500 million, affecting up to 25,000 creditors.
Poolin, which operated a Bitcoin mining pool, plans to sell its business, with bids due by September 8 and an auction set for September 10. The move follows a broader industry shift as miners explore artificial intelligence and high-performance computing to offset declining profitability.
The privately held company’s filing highlights financial strain in the crypto mining sector, where firms like Riot Platforms and Hut 8 have diversified into AI and data centers.