Poolin was bitcoin's biggest mining pool and now it's filing for bankruptcy
Once the world's largest bitcoin mining pool, Singapore-based Poolin has officially filed for Chapter 11 bankruptcy in New Jersey with $173 million in outstanding debt. The firm, which struggled with liquidity issues and stalled expansion projects since 2022, is now seeking to sell its remaining mining assets in West Texas.
Why it matters
The collapse of a former industry leader highlights the extreme volatility and liquidity risks inherent in the crypto mining sector, particularly for firms that over-leveraged during market downturns.
The Singapore-based firm, which once dominated the industry, filed for Chapter 11 protection in New Jersey on July 22 with debts of around $173 million,
A $52 million bid for two mining sites in West Texas is currently on the table from Thor CALAP LLC. The sites represent the better part of the company’s assets.
Poolin was one of the biggest mining pools in bitcoin at its peak meaning more bitcoin was being mined through Poolin than through any other single pool on earth. Glassnode data shows its share of global hashrate reached roughly 18-20% in 2019.
Users were already complaining about withdrawal delays on Poolin's Telegram channels in late 2022, a period plagued by crypto companies facing liquidity squeezes as that year’s market downturn came to a head. Co-founder Kevin Pan acknowledged in a WeChat post that the company was "facing liquidity problems" while insisting user funds were safe.
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