Poolin Files for Bankruptcy, Seeks $52 Million Texas Asset Sale
Poolin was once one of the world’s largest Bitcoin mining pools, controlling about 20% of the network’s computing power at its peak. Its troubles deepened during the 2022 crypto liquidity crisis, when it froze wallet withdrawals and issued IOUs to customers. The bankruptcy is significant because it will determine how much more than 11,000 users can recover after waiting nearly four years, and whether Poolin’s remaining mining assets can meaningfully narrow the shortfall.
Singapore-based Poolin Technology and two U.S. affiliates filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey on July 22, 2026, listing estimated liabilities of $100 million to $500 million. About 11,700 wallet users are owed a combined $163.7 million. Poolin is seeking approval to sell its Pyote and Tarbush operations in West Texas, with Thor CALAP LLC providing stalking-horse bids totaling $52 million, setting the floor for a court-supervised auction.
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The history behind this eventSBI Shuts Bitcoin Pool as Top Three Control Nearly 60% of Hashrate
Bitcoin mining pools combine computing power from individual miners to improve the consistency of block rewards. While pools are central to the economics of mining, a heavy concentration of hashrate among a few operators can undermine Bitcoin’s decentralized design and heighten concerns over transaction censorship, block reorganizations and coordinated attacks. SBI Crypto, part of Japanese financial group SBI, had operated its own pool for about five years.
SBI Crypto closed its Bitcoin mining pool on July 31, ending roughly five years of operations. The exit came as Foundry USA, AntPool and F2Pool together accounted for nearly 60% of the network’s total computing power. The combination of SBI’s withdrawal and the growing share held by the three largest pools has renewed scrutiny of mining centralization and its potential implications for Bitcoin’s resilience and network security.
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