Poolin files for bankruptcy after collapse from bitcoins biggest mining pool
abstrak:Bitcoin mining company Poolin, along with its U.S. affiliates Lonestar Dream and Lonestar Taproot, filed for Chapter 11 bankruptcy in New Jersey on July 22, reporting liabilities between $100 million and $500 million and debts of roughly $173 million. The Singapore-based firm, which once commanded up to 18–20% of global hashrate in 2019 as one of the largest mining pools, is now facing a $52 million bid from Thor CALAP LLC for two West Texas mining sites that constitute most of its assets. Users had already flagged withdrawal delays on Poolins Telegram channels in late 2022 during the market downturn, and co-founder Kevin Pan acknowledged liquidity problems in a WeChat post while claiming user funds remained safe.
Bitcoin mining company Poolin has filed for bankruptcy alongside its two U.S. affiliates Lonestar Dream and Lonestar Taproot with estimated liabilities between $100 million-$500 million, TheEnergyMag reported on Friday.
The Singapore-based firm, which once dominated the industry, filed for Chapter 11 protection in New Jersey on July 22 with debts of around $173 million,
A $52 million bid for two mining sites in West Texas is currently on the table from Thor CALAP LLC. The sites represent the better part of the companys assets.
Poolin was one of the biggest mining pools in bitcoin at its peak meaning more bitcoin was being mined through Poolin than through any other single pool on earth. Glassnode data shows its share of global hashrate reached roughly 18-20% in 2019.
Users were already complaining about withdrawal delays on Poolin‘s Telegram channels in late 2022, a period plagued by crypto companies facing liquidity squeezes as that year’s market downturn came to a head. Co-founder Kevin Pan acknowledged in a WeChat post that the company was “facing liquidity problems” while insisting user funds were safe.
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