Poolin, the Singapore-based mining operation that once commanded close to a fifth of Bitcoin's global hashrate, has filed for bankruptcy and now faces $173 million in liabilities. The company, formerly ranked among the largest Bitcoin mining pools in the world, is selling off its remaining assets to address the debt. Poolin's fall marks a stark reversal for a firm that at its peak represented a substantial share of the network's total computing power. The bankruptcy filing underscores the financial pressures facing mining operators amid volatile revenue conditions and the capital-intensive nature of the business. The collapse of such a prominent player highlights the risks embedded in the mining sector, where market swings and operational costs can quickly erode even the most established operations. Details of the asset sales and repayment plans have yet to be fully disclosed.
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