Singapore-based Bitcoin mining pool operator Poolin and two U.S. affiliates have filed for Chapter 11 bankruptcy protection in a New Jersey court, according to a court filing accessible through PACER Monitor. The filing adds to signs of financial strain in parts of the Bitcoin mining sector, where operators have faced pressure from electricity costs, infrastructure expenses and changing demand for large-scale computing capacity.

In the bankruptcy petition, Poolin Technology PTE Ltd estimates liabilities between $100 million and $500 million, assets between $1 million and $10 million, and between 10,001 and 25,000 creditors. The company also asked the court to authorize the sale of two mining sites in West Texas to Thor CALAP LLC under a proposed stalking-horse bid.

Bankruptcy filing details

Poolin’s Chapter 11 filing is tied to a court-supervised process intended to reorganize the company and monetize remaining assets. Chapter 11 cases can allow a debtor to continue operating while it seeks approval for restructuring steps, asset sales or other transactions under bankruptcy court oversight. The petition lists a substantial gap between estimated liabilities and assets, with liabilities of $100 million to $500 million compared with assets of $1 million to $10 million. The filing also identifies a creditor count in the range of 10,001 to 25,000.

Alongside the bankruptcy filing, Poolin requested approval to sell two West Texas mining facilities to Thor CALAP LLC. The proposed stalking-horse transaction values the assets at a combined $52 million.

Under the proposal, $37 million would be allocated to the Tarbush assets, including assumed liabilities. Another $15 million would be allocated to the Pyote site, including power rights, equipment and other assets connected to the mining facilities.

The filing states that the asset sale would be conducted through a court-supervised auction. Under the proposed bidding procedures, the bid deadline would be Sept. 8. The stalking-horse structure would set an initial baseline offer while allowing other qualified bidders to submit competing offers through the court process.

Poolin’s position in Bitcoin mining

Poolin’s bankruptcy filing comes after a significant decline in its position within the Bitcoin mining pool market. Mining pools coordinate computing power from participating miners and distribute rewards according to contributed hashrate, making pool share a closely watched measure of relative scale in Bitcoin mining. According to Hashrate Index, Poolin is currently the 17th-largest Bitcoin mining pool operator by hashrate, with about 0.2% market share.

The company previously held a much larger role in the sector. Poolin was once reported as the world’s largest Bitcoin mining pool in 2019, but its hashrate share has since fallen as other operators expanded, scaled infrastructure and diversified their businesses.

The bankruptcy case therefore reflects both Poolin’s own financial situation and a broader shift in the competitive landscape for mining pools. Hashrate concentration, access to low-cost power and capital availability have become increasingly important for operators competing in the sector.

Broader pressure across the mining sector

Poolin’s filing follows other cases in which Bitcoin mining companies have pursued restructuring or alternative business lines to address operating constraints. The source reporting notes that financial pressure has been driven in part by rising electricity costs, with some mining operations shutting down and others looking for additional sources of revenue.

One earlier example cited in the broader reporting was a Chapter 11 filing by NFN8 Group and two affiliates in February. Those entities sought bankruptcy protection in the Western District of Texas.

Other miners have pursued strategies centered on artificial intelligence and high-performance computing infrastructure. The reporting notes that, in November 2025, Bitfarms initiated a complete wind-down of its Bitcoin mining operations in order to pivot toward AI and high-performance computing data centers.

More recent AI-related infrastructure announcements from publicly traded miners were also cited. Hut 8 announced a 15-year lease worth $9.8 billion for an AI data center campus. IREN disclosed $2.8 billion in cloud services contracts with AI developers.

The same reporting references MARA Holdings’ plans to acquire a Texas site with up to 2 gigawatts of capacity as part of its AI and digital infrastructure ambitions. It also cites comments attributed to Bernstein, stating that AI companies may need agreements with third-party providers, including Bitcoin miners, to address computing power limits at AI data centers.

Asset value and auction process

The proposed sale of Poolin’s Tarbush and Pyote sites highlights the continued importance of power access, equipment and deployable infrastructure in the mining business. The Pyote transaction component specifically includes power rights, equipment and other assets associated with the mining facilities.

Power availability and site infrastructure are often central to the economics of Bitcoin mining, particularly when electricity prices and equipment costs weigh on profitability. Those same assets may also be relevant to companies seeking to support other forms of compute-intensive operations, including high-performance computing and AI-related workloads.

Poolin’s case comes as some mining companies assess whether infrastructure originally built or acquired for Bitcoin mining can be repurposed for other computing markets. Bitcoin mining revenue is tied to network incentives, while AI data center development depends on long-term capacity planning and customer contracts. That distinction has contributed to different restructuring and diversification strategies across the sector.

The next major procedural issue in Poolin’s bankruptcy case is the proposed court-supervised auction. The Sept. 8 bid deadline could determine whether other bidders emerge for the Tarbush and Pyote assets or whether Thor CALAP LLC’s $52 million stalking-horse offer remains the central bid for the asset sale.

Further updates are expected through the bankruptcy docket, including any court rulings on the proposed bidding procedures, possible competing bids, and the final disposition of the West Texas mining sites.