Poolin, the Singapore-based Bitcoin mining pool operator, and two U.S. affiliates have filed for Chapter 11 bankruptcy protection in New Jersey, according to a court filing reviewed via PACER Monitor.

The filing comes as Bitcoin mining companies continue to face pressure from operating costs, particularly electricity expenses, while some operators seek revenue sources beyond block production. The April 2024 Bitcoin halving, which reduced per-block issuance from 6.25 BTC to 3.125 BTC, has compounded margin challenges across the sector by cutting a primary revenue stream for miners at a time when power and infrastructure costs remain elevated. As part of the restructuring process, Poolin is seeking court approval to sell two mining sites in West Texas to Thor CALAP LLC through a proposed stalking-horse bid valued at $52 million.

Under the proposed procedures, the sale would be followed by a court-supervised auction. The bid deadline is set for Sept. 8.

Chapter 11 filing details Poolin's financial position

Poolin's Chapter 11 petition, available through PACER Monitor, outlines the company's estimated financial scale at the time of the filing. The petition lists estimated liabilities of between $100 million and $500 million, while estimated assets are listed between $1 million and $10 million. The filing also identifies 10,001 to 25,000 creditors.

The wide ranges for liabilities and assets reflect the uncertainty often present in mining-sector restructurings, particularly for operators exposed to volatile operating expenses, variable power costs, changes in mining difficulty and the economics of Bitcoin prices. The filing does not provide a definitive balance sheet, but the gap between estimated liabilities and assets indicates that creditors may be assessing a path toward partial recoveries rather than a straightforward reorganization.

Poolin was once described as the world's largest Bitcoin mining pool. In 2019, it held that position, but its current standing is significantly smaller. According to Hashrate Index, Poolin now ranks as the 17th largest mining pool operator by hashrate, with a 0.2% market share.

A mining pool operator's economics are closely tied to scale, including the amount of hashing power it attracts and its ability to retain miners during periods of margin compression. When network conditions and operating costs become less favorable, smaller pools can lose market share more quickly, which can place additional pressure on revenue tied to pooled mining activity. Poolin's decline from the top rank coincided with a period of intensifying competition among pools, where operators offering lower fees or more transparent payout structures attracted hashing power away from incumbents.

West Texas asset sale is central to the restructuring

A proposed asset sale is a central component of Poolin's bankruptcy process. The company is asking the court to approve the sale of two West Texas mining sites to Thor CALAP LLC through a stalking-horse bid totaling $52 million.

The proposed transaction allocates $37 million to Tarbush assets, including assumed liabilities. A further $15 million would cover the Pyote site, including power rights, equipment and other assets connected to the mining facilities.

If approved, the sale would be subject to a court-supervised auction under the proposed bidding procedures. The Sept. 8 bid deadline will determine whether competing bidders emerge with offers above the stalking-horse floor, particularly for assets that may include power arrangements and installed mining infrastructure.

The outcome of the auction could offer creditors and other mining companies a reference point for the value of mining infrastructure when facilities are paired with equipment and power-related rights. West Texas has been a focal point for mining-site investment due to its deregulated power market and access to wind and solar generation, factors that have attracted operators seeking flexible, lower-cost electricity arrangements.

Bankruptcy follows broader pressure across Bitcoin mining

Poolin's filing comes amid a broader pattern of stress in the Bitcoin mining industry. Rising electricity costs have weighed on mining operations, leading some companies to shut down while others pursue restructurings intended to reduce obligations or reallocate resources.

Earlier this year, NFN8 Group and two affiliates filed for Chapter 11 bankruptcy in the Western District of Texas in February, according to a separate report referenced in the original coverage. That case highlighted how energy expenses and fixed infrastructure commitments can become difficult to sustain when mining economics weaken.

At the same time, some publicly traded miners have sought to repurpose power capacity, facilities and data-center experience for artificial intelligence and high-performance computing businesses. The original reporting noted that in November 2025, Bitfarms initiated a full wind-down of its Bitcoin mining operations as it shifted toward AI and high-performance computing data centers.

Other AI infrastructure-related developments have also been highlighted across the sector. Hut 8 and IREN announced large-scale AI infrastructure plans, with Hut 8 proceeding with a 15-year lease for an AI data center campus and IREN disclosing $2.8 billion in cloud services contracts with AI developers.

Earlier coverage also pointed to MARA Holdings pursuing plans to acquire a Texas site with up to 2 gigawatts of capacity to expand AI and digital infrastructure.

Industry observers have linked these moves to constraints around compute resources and the infrastructure needed to support them. In the referenced coverage, Bernstein reportedly said that arrangements with third-party providers, including Bitcoin miners, will be necessary for AI companies seeking to address computing power limits at AI data centers.

Court process moves toward Sept. 8 bid deadline

Poolin's Chapter 11 case and proposed sale of the West Texas sites will proceed through the bankruptcy court process in New Jersey. The company is seeking approval for the $52 million stalking-horse transaction with Thor CALAP LLC, while the proposed auction procedures leave room for competing bids before the Sept. 8 deadline.

For creditors, the sale process will be a key part of determining potential recoveries. For the mining sector, it may provide another indication of how the market values mining sites, equipment and power rights during a period of cost pressure and strategic repositioning across the industry.