Poolin, a Singapore-based company that once controlled nearly a fifth of Bitcoin's global hashrate, is now facing financial difficulties. According to reporting from CoinDesk, the company is filing for bankruptcy.
The move comes as the company owes a significant amount of $173 million. As a result, Poolin is selling off its remaining assets to try to pay off its debts.
Prior to its financial troubles, Poolin was the largest Bitcoin mining pool, highlighting the challenges faced by companies in the cryptocurrency mining sector.