POOLIN FILES FOR BANKRUPTCY, SEEKS $52M ASSET SALE

The filing marks a significant downturn for Poolin, which previously ranked among the world's largest mining pool operators. The company is seeking court approval to sell its Texas-based mining infrastructure as part of its bankruptcy restructuring. A stalking-horse bid establishes a baseline offer in bankruptcy proceedings, allowing the court to evaluate competing bids and ensure fair market value for assets. The $52 million valuation reflects the current state of the mining sector, which has faced headwinds from regulatory scrutiny, elevated energy costs, and cryptocurrency market volatility. Poolin's bankruptcy underscores broader challenges facing mining operations. The sector has contracted significantly since the crypto market downturn of 2022, with many operations struggling to maintain profitability amid rising operational costs and declining digital asset prices.