Bitcoin mining pool Poolin has filed for Chapter 11 bankruptcy, according to reporting from CoinTelegraph. As part of its future creditor recovery program, Poolin has initiated a $52 million sale of its two West Texas mining sites.
This move is part of the company's efforts to restructure and address its financial obligations. The sale of the mining sites is intended to help Poolin recover and pay its creditors.
Poolin's decision to file for Chapter 11 bankruptcy and sell its mining sites marks a significant development in the company's history. The $52 million sale is a key component of its recovery plan, as the company works to navigate its financial challenges.