World · Institutional · United States ·
Bitcoin mining firm Poolin files for bankruptcy and sells Texas sites for $52 million
Poolin, once one of the largest Bitcoin mining pools in the world controlling nearly a fifth of the network's total computing power, has filed for Chapter 11 bankruptcy protection. The Singapore-based company owes roughly $173 million and is selling two West Texas mining sites as part of a plan to repay creditors.
Why it matters for the crypto market
The collapse of a historically dominant mining pool highlights the financial pressure on large-scale Bitcoin miners during prolonged market downturns and rising operational costs.
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