Poolin, once the world’s largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy in a dramatic turn from its 2019 peak. The Singapore-based firm, facing liabilities of $100M–$500M and assets valued at just $1M–$10M, plans to sell two West Texas mining sites for $52M in a court-supervised auction by September 8. The Tarbush site goes for $37M (including assumed debt), and Pyote for $15M (with power rights and equipment). With over 25,000 creditors, Poolin’s collapse mirrors broader industry struggles amid soaring energy costs. Meanwhile, others are pivoting—companies like Hut 8 and IREN are investing heavily in AI infrastructure, signaling that crypto miners must adapt or risk fading into obscurity.
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