Poolin’s Bitcoin Mining Collapse | Bitcoin and Crypto News

Poolin, once Bitcoin’s largest mining pool controlling 18-20% of global hashrate, is now filing for Chapter 11 bankruptcy with $173M in debt, its U.S. affiliates Lonestar Dream and Lonestar Taproot joining the collapse. The downfall began in 2022 when Poolin Wallet halted withdrawals, issuing IOUs worth $163.7M to 11,700 users — a stopgap that didn’t save them. Now, they’re selling their last assets: two Texas mining sites for $52M to Thor CALAP LLC, as their hashrate share has dwindled to zero. Once a titan of crypto mining, Poolin’s fall highlights the industry’s extreme volatility — even giants can crumble when grid delays and debt catch up. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/48854ed4c4108508