Poolin Files Chapter 11 After Falling From Bitcoin Mining Dominance
Poolin and two related entities filed Chapter 11 bankruptcy in New Jersey, closing another chapter in the decline of a company that had once been one of the world’s most important Bitcoin mining pools.
On July 22, Poolin Technology PTE. LTD. and two related debtors filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of New Jersey. The bankruptcy followed years of deterioration after Poolin’s earlier prominence as one of Bitcoin’s largest mining pools and its 2022 suspension of withdrawals from its wallet service.
Poolin mattered to Bitcoin because mining pools coordinate large amounts of global hash power and sit at an important junction between miners, block construction, and payout infrastructure. A company that had once represented a substantial share of Bitcoin mining had already lost much of that position before the bankruptcy filing. Chapter 11 therefore formalized the collapse of an institution that had been part of Bitcoin’s industrial-mining era rather than simply recording the failure of an obscure company.
The filing did not erase Poolin’s earlier role or establish wrongdoing. It marked a legal and financial endpoint in a longer decline. For the timeline, the event belongs because Bitcoin’s history includes the rise and disappearance of infrastructure companies that once seemed permanent, especially when their failure illustrates the concentration, custody, and business risks surrounding pooled mining.