Poolin, a Singapore-based Bitcoin mining pool that once controlled nearly a fifth of the network's global hashrate, is filing for bankruptcy. The company owes $173 million and is selling off its remaining assets to creditors. The collapse marks one of the largest failures in the mining sector this year.
From hashrate leader to insolvency
At its peak, Poolin commanded roughly 20% of Bitcoin's total mining power. That made it one of the biggest pools in the world, alongside names like F2Pool and Antpool. But the company's fortunes turned as crypto markets slumped and operational costs mounted. Now it's left with a debt pile it can't service.
What the $173 million debt means
The $173 million figure covers what Poolin owes to lenders, suppliers, and possibly miners who had funds stuck on the platform. The company hasn't detailed exactly who's owed what. But the sum is large enough that a full recovery looks unlikely. Creditors will have to fight over whatever's left after the asset sale.
Asset sale underway
Poolin is selling off its remaining assets — mining hardware, facilities, and any other holdings — to raise cash. The company hasn't said how much it expects to recover. Given the scale of the debt, even a fire sale of top-tier gear might not come close to covering the full amount.
Poolin will now navigate bankruptcy proceedings in Singapore. The company has not disclosed a timeline for the asset sale or the next court hearing. For now, the mining pool that once helped secure a fifth of the Bitcoin network is winding down, and its creditors are left waiting.
