Singapore-based Bitcoin mining pool Poolin and two of its US affiliates filed for Chapter 11 bankruptcy in a New Jersey court on Wednesday.<\/p>\n
Poolin\u2019s court filing<\/a> 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.<\/p>\n 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.<\/p>\n The proposed sale would be subject to a court-supervised auction, with a bid deadline of Sept. 8 under the proposed bidding procedures.<\/p>\n Poolin was once the world\u2019s 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<\/a>.<\/p>\n Related: <\/strong><\/em>Hobby-level miner bags $200K solo BTC block with budget Bitaxe rig<\/strong><\/em><\/a><\/p>\n Bitcoin mining operations are facing growing financial constraints due to rising electricity costs, forcing some operations to shut down while others are seeking new revenue sources.<\/p>\n In February, NFN8 Group and two of its affiliates filed<\/a> for Chapter 11 bankruptcy in the Western District of Texas.\u00a0<\/p>\n Other miners have sought to diversify into AI infrastructure. In November 2025, Bitfarms initiated a complete wind-down of its Bitcoin mining operations to pivot to AI and high-performance computing data centers.<\/p>\n On Monday, Bitcoin mining companies Hut 8 and IREN<\/a> announced major AI infrastructure deals. Hut 8 announced a 15-year, $9.8 billion lease for its AI data center campus and IREN disclosed $2.8 billion in cloud services contracts with AI developers.\u00a0Earlier in July, MARA Holdings announced plans<\/a> to acquire a Texas site with up to 2 gigawatts of capacity to expand its AI and digital infrastructure business.<\/p>\n Wealth management company Bernstein said that<\/a> deals with third-party providers, such as Bitcoin miners, will be necessary for AI companies seeking to address the computing power limits of AI data centers.<\/p>\n Magazine: <\/strong><\/em>Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision<\/strong><\/em><\/a> <\/strong><\/em><\/p>\nBitcoin miners increasingly turn to restructuring and AI<\/h2>\n