Bitcoin Mining Pool Poolin Files for Chapter 11 Bankruptcy
Poolin, a Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the United States, listing liabilities between $100 million and $500 million against assets of just $1–10 million.
Bitcoin mining pool Poolin has filed for Chapter 11 bankruptcy protection in the United States, according to a recent court filing. The company plans to sell its mining assets in Texas and wind down operations, rather than retain and restructure the business.
Court documents show that Poolin has estimated liabilities ranging from $100 million to $500 million, while assets are valued at only $1 million to $10 million. The starting bid for the two Texas mining sites has been set at $52 million.
The filing marks a sharp decline for one of the historically well-known mining pools, reflecting ongoing pressures in the crypto mining sector.
Source: ForkLog