Poolin, Once One of Bitcoin's Biggest Mining Pools, Files for Bankruptcy

Poolin, formerly one of the largest Bitcoin mining pools, has officially filed for bankruptcy. The Singapore-based entity never recovered following the decision to freeze withdrawals in 2022. To settle debts with 11,700 users who currently hold IOUs, the company is auctioning off its remaining mining sites located in Texas. This move aims to provide repayment to affected users as the firm liquidates its final assets to address the long-standing financial obligations from previous years.