Singapore-based Bitcoin mining pool Poolin and two of its US affiliates filed for Chapter 11 bankruptcy in a New Jersey court on Wednesday.
Poolins court filing 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.
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.
The proposed sale would be subject to a court-supervised auction, with a bid deadline of Sept. 8 under the proposed bidding procedures.
Poolin was once the worlds 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.
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Bitcoin miners increasingly turn to restructuring and AI
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.
In February, NFN8 Group and two of its affiliates filed for Chapter 11 bankruptcy in the Western District of Texas.
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.
On Monday, Bitcoin mining companies Hut 8 and IREN 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. Earlier in July, MARA Holdings announced plans to acquire a Texas site with up to 2 gigawatts of capacity to expand its AI and digital infrastructure business.
Wealth management company Bernstein said that 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.