Singapore‑based Bitcoin mining pool Poolin, together with two of its United States subsidiaries, submitted a Chapter 11 petition in a New Jersey federal court on Wednesday.
The Chapter 11 filing reveals that Poolin estimates its liabilities between $100 million and $500 million, holds assets valued from $1 million up to $10 million, and is accountable to roughly 10,001‑25,000 creditors.
The company is also requesting court permission to sell its two West Texas mining complexes to Thor CALAP LLC as part of a $52 million stalking‑horse transaction. The deal bundles $37 million for the Tarbush assets—including assumed liabilities—and $15 million for the Pyote site, covering power rights, equipment and all related mining infrastructure.
The transaction will be conducted via a court‑supervised auction, and bidders must submit their offers by September 8 under the outlined bidding procedures.
Poolin previously held the top spot as the world’s largest Bitcoin mining pool in 2019, but it now ranks 17th in hashrate rankings, representing roughly 0.2 % of the total network hashrate, per Hashrate Index data.
Related: Hobby-level miner bags $200K solo BTC block with budget Bitaxe rig
Expert Perspective on Poolin’s Bankruptcy
Having covered cryptocurrency mining for several years, I see Poolin’s Chapter 11 filing as a vivid illustration of the sector’s exposure to energy price swings and capital intensity. The disclosed liability range and modest asset base suggest a precarious financial position that many operators now face.
Financial Strain on Mining Operations
Soaring electricity rates have tightened profit margins for Bitcoin mining operations, prompting some to cease operations while others look for alternative income streams.
Emerging AI Opportunities for Miners
Recognizing the limits of pure mining revenue, many firms are pivoting to AI infrastructure, leveraging their high‑performance hardware for machine‑learning workloads.
Bitcoin miners increasingly turn to restructuring and AI
Rising electricity prices have tightened profit margins for Bitcoin mining operations, leading some to shut down while others search for new revenue streams.
In February, NFN8 Group and two of its subsidiaries filed for Chapter 11 protection in the Western District of Texas, underscoring the depth of the mining sector’s financial strain.
In response, several miners are turning to artificial intelligence. In November 2025, Bitfarms announced the full wind‑down of its Bitcoin mining activities, redirecting resources toward AI and high‑performance computing data centers.
On Monday, Hut 8 and IREN revealed significant AI infrastructure agreements: Hut 8 signed a 15‑year, $9.8 billion lease for an AI data‑center campus, while IREN disclosed $2.8 billion in cloud‑service contracts with AI developers.
Wealth‑management firm Bernstein argues that partnerships with mining firms will be essential for AI companies that need additional computing capacity to overcome the limits of their data centers.
