Once accounting for nearly 20% of Bitcoin's global hashrate, the Singapore-based firm now faces $173 million in debts and is liquidating its remaining assets.
By James Van Straten|Edited by Jamie Crawley Jul 24, 2026, 11:09 a.m. 1 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on BTC: Poolin Hash Rate (Glassnode)SummaryShow- In 2019, Poolin was recognized as the world's largest bitcoin mining pool, holding an 18-20% share of the global hashrate, but a liquidity crisis in 2022 led to 11,700 users having $163.7 million in frozen assets.
- A $52 million offer from Thor CALAP LLC for Poolin's mining operations in West Texas represents the only significant recovery option for creditors owed approximately $173 million.
Bitcoin mining firm Poolin, along with its U.S. subsidiaries Lonestar Dream and Lonestar Taproot, has initiated bankruptcy proceedings with liabilities estimated between $100 million and $500 million, as reported by TheEnergyMag on Friday.
The Singapore-based company, which once led the industry, filed for Chapter 11 protection in New Jersey on July 22, carrying debts around $173 million.
A $52 million proposal for two mining locations in West Texas has been made by Thor CALAP LLC, which constitute a majority of Poolin's assets.
At its zenith, Poolin was one of the largest mining pools, facilitating more bitcoin mining than any other pool globally. According to Glassnode, its share of the global hashrate peaked at approximately 18-20% in 2019.
By late 2022, users started expressing dissatisfaction over withdrawal delays in Poolin's Telegram discussions, during a turbulent period marked by liquidity challenges for crypto firms as the market downturn intensified. Co-founder Kevin Pan acknowledged in a WeChat message that the firm was "facing liquidity problems," while assuring users that their funds were secure.
Plans for an expansion into Texas that Pan had pinned hopes on to revive the business were also hindered due to delays in securing grid connection approvals.
Within weeks, Poolin Wallet completely halted withdrawals in September 2022, issuing around $163.7 million in IOU tokens to about 11,700 customers to buy the company some time.
Currently, Poolin's estimated hashrate share has been virtually non-existent for several years.
Poolin has not responded to CoinDesk's request for a statement.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Since June, market dynamics have shifted, but Binance has maintained its share (~55% of user funds, ~24% of spot) and attracted net inflows in early July, while the broader market experienced outflows.
By CoinDesk ResearchJul 22, 2026Since June, market dynamics have shifted, but Binance has maintained its share (~55% of user funds, ~24% of spot) and attracted net inflows in early July, while the broader market experienced outflows.
Why it matters:
Since June, market dynamics have shifted, but Binance has maintained its share (~55% of user funds, ~24% of spot) and attracted net inflows in early July, while the broader market experienced outflows.
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