On Wednesday, Singapore’s Bitcoin mining pool Poolin filed Chapter 11 bankruptcy with two US-based affiliates in New Jersey.
Poolin’s court filing The mining pool operator’s estimated assets and liabilities range from $1 to $10 million.
Poolin, its affiliates and Thor CALAP LLC are seeking approval from the court to sell their two West Texas mines to Thor CALAP LLC for $52,000,000 in a stalking horse bid. The $37 million includes the assumed liabilities for Tarbush and the $15 million is for Pyote, which also includes the equipment, power rights and other assets related to the mining sites.
According to the proposed auction procedure, bids would have been due by Sept. 8, according to the sale proposal.
Poolin, the biggest Bitcoin mining pool ever in 2019, was no longer. Poolin is currently ranked 17th in the world by hashrate and holds a market share of 0.2%, according to Hashrate Index.
Related: Hobby-level miner bags $200K solo BTC block with budget Bitaxe rig
Bitcoin mining is increasingly reliant on AI, restructuring and artificial intelligence
Bitcoin mining is facing financial challenges due to increasing electricity costs. This has forced some to cease operations, while other are looking for alternative revenue streams.
NFN8 Group, two affiliates and the NFN8 Group in February. filed For Chapter 11 bankruptcy, the Western District of Texas.
Some miners are diversifying into AI infrastructure. Bitfarms began a total winding down of their Bitcoin mining operations in November 2025 to focus on AI and high performance computing data centres.
Bitcoin mining companies were busy on Monday. Hut 8 and IREN announced major AI infrastructure deals. Hut 8 has announced that it will lease its AI campus for $9.8 Billion over 15 years. IREN also disclosed contracts worth $2.8 Billion with AI developers. Early in July, MARA Holdings announced plans To expand their AI and digital business, the company has acquired a Texas location with capacity up to 2 gigawatts.
Wealth Management company Bernstein said that AI companies that wish to increase the processing power of AI data centers will have to deal with third-party providers like Bitcoin miners.
Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision
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Source: cointelegraph.com
