Poolin was bitcoin's biggest mining pool and now it's filing for bankruptcy
CoinDesk 2026-07-24 11:09:40
Context: Poolin, a Singapore-based bitcoin mining company and once the world's largest bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in New Jersey with estimated liabilities between $100 million-$500 million. The company's troubles began in 2022 with a liquidity crisis that left 11,700 customers with $163.7 million in frozen funds. Poolin's decline marks a significant shift in the bitcoin mining industry.
Key Facts
- Poolin was regarded as the world's largest bitcoin mining pool in 2019, with an 18-20% share of global hashrate, according to Glassnode data.
- The company's liquidity crisis in 2022 resulted in 11,700 customers holding $163.7 million in frozen funds, with users complaining about withdrawal delays on Poolin's Telegram channels.
- Poolin has estimated liabilities of around $173 million and has filed for bankruptcy alongside its two U.S. affiliates, Lonestar Dream and Lonestar Taproot.
- A $52 million bid from Thor CALAP LLC for Poolin's West Texas mining sites is currently the only meaningful recovery on the table for creditors.
- Poolin's estimated hashrate share has been effectively zero for a number of years, and the company's Texas mining expansion, led by co-founder Kevin Pan, was stalled due to delayed grid connection approvals.