Bitcoin Mining Pool Poolin Files for Bankruptcy With $173M Debt

On July 22, 2026, Poolin, the world's largest Bitcoin mining pool, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court located in New Jersey. Based in Singapore, the company reported debts totaling about $173.1 million, while its assets are estimated to be between $1 million and $10 million. A major part of this debt, around $163.7 million, comes from unsecured IOUs to roughly 11,700 users after they stopped withdrawals in September 2022 due to a downturn in the crypto market. Poolin is looking to get court approval to sell two Bitcoin mining sites in West Texas for at least $52 million to Thor CALAP LLC. The company ceased its mining and hosting operations on July 10, 2026. Founded in China in 2017, Poolin became the top mining pool by 2019, overtaking F2Pool and BTC.com. After China's 2021 crypto mining ban, they relocated to Texas, securing a $213 million loan against customer assets worth $356 million. Their aggressive expansion, which only utilized 100 megawatts of the planned 600 megawatts, led to $8.8 million in losses from excess equipment sales between 2023 and 2025. This bankruptcy highlights the ongoing consolidation in the sector after the 2022 crisis, as mining companies face rising expenses and reduced block rewards.