Poolin, once dominating the Bitcoin mining world with up to 20% of the global hashrate, has filed for Chapter 11 bankruptcy in New Jersey.
The Singapore-based firm reported liabilities near $173 million, while its assets range between just $1 million and $10 million.
This filing includes two US-based affiliates and effectively halts Poolin's mining activities.
The company is planning to sell off its mining operations in West Texas under court supervision, with a $52 million stalking-horse bid already lined up.
Such a move highlights the turbulent climate within the Bitcoin mining sector right now, signifying major shifts and challenges.
Market confidence appears shaken as ongoing operational shutdowns contribute to increased downward pressure on Bitcoin’s price.
Traders are watching closely to see how the sale of Poolin’s assets will affect the broader hashrate distribution and mining economics.
With regulatory changes and mining costs in flux, these developments are likely to influence Bitcoin's price trajectory in the near term.
