[DigitalToday reporter Chi-gyu Hwang (황치규)] Bitcoin mining pool Poolin filed for Chapter 11 bankruptcy protection in the United States. It has begun a process to sell two West Texas mining sites for $52 million as part of a creditor recovery program.

Cointelegraph reported on July 24 that Singapore-based Poolin and two U.S. affiliates filed for Chapter 11 on July 23 in a New Jersey court.

Court filings showed Poolin has liabilities of $100 million to $500 million and assets of $1 million to $10 million. Creditors were estimated at 10,001 to 25,000.

Poolin asked the court to approve a plan to sell the West Texas mining sites of Taversi and Piot to Thor CALAP LLC.

The sale is expected to be conducted as a court-supervised auction. Under the proposed bidding procedures, the deadline is Sept. 8.

Poolin was the world’s largest Bitcoin mining pool in 2019. It is now ranked 17th with a 0.2 percent share of hashrate, based on the Hashrate Index.

The Bitcoin mining industry is facing growing funding pressure as electricity costs rise. Some operators have halted operations, and some are looking for new revenue sources. In February, NFN8 Group and two U.S. affiliates also filed for Chapter 11 in the U.S. District Court for the Western District of Texas.