Once the World’s Largest Bitcoin Mining Pool: Files for Bankruptcy with $173.1 Million Debt

Once the world’s largest Bitcoin mining pool, Poolin has filed for bankruptcy protection with $173.1 million in debt, leaving the sale of its Texas facilities as the only hope for users affected since 2022.

The collapse of another giant in the cryptocurrency mining sector has become official. Poolin, which held the title of the world’s largest Bitcoin (BTC) mining pool in 2019, filed for Chapter 11 bankruptcy protection in New Jersey along with two of its U.S. subsidiaries. This move marks the beginning of a critical process, especially for thousands of investors whose assets have remained locked on the platform since 2022.

According to court documents, the company’s total debt is hovering around $173.1 million. A massive $163.7 million of this debt consists of IOUs—acting as a type of promissory note—issued to Poolin Wallet users after withdrawal transactions were suspended. The documents reveal the scale of the grievance, showing that the number of creditors ranges between 10,001 and 25,000.

Mining Facilities in Texas Go Up for Sale

Poolin has put two large mining facilities in West Texas up for sale in order to pay its debts and gradually wind down its operations. The total opening bid for these facilities was announced as $52 million. Whether users and other creditors will be able to recover their money will depend on the outcome of this auction and the court’s final decision.

A Turbulent Journey from the Top to Bankruptcy

Founded in 2017, Poolin rose to become the most powerful mining pool on the Bitcoin network in just two years. However, the liquidity crisis that began in 2022 and the subsequent withdrawal bans put the company on an irreversible path. Once an industry leader, the giant pool is now trying to settle its debts to thousands of users by selling off its assets.