Poolin files for Chapter 11 bankruptcy and lists West Texas mines for sale

The crypto winter just claimed another heavy hitter. Poolin, once a dominant force in the global hashrate, has officially filed for Chapter 11 bankruptcy protection. It's a sharp fall for a mining pool that was once the backbone of the Bitcoin network. To start paying back what they owe, the company is putting two massive West Texas mining sites on the auction block. They're looking for a $52 million payday from the sale to kickstart a creditor recovery program. This move follows a rough 2022 when the firm first froze withdrawals, citing liquidity crunches that never quite thawed out. While the filing offers some breathing room from legal fire, it also signals a massive reshuffling of mining power in the U.S. south. Can Poolin actually pivot back to solvency, or is this just the first step in a total liquidation of their remaining hardware?