Poolin Technology Pte. Ltd., the Singapore-based company that once ran one of Bitcoin's largest mining pools, filed for Chapter 11 bankruptcy on July 22—the U.S. legal process that lets a company operate under court supervision while it reorganizes or, in this case, sells off its remaining assets and shuts down.
A mining pool lets individual Bitcoin miners combine their hashrate—the raw computing power machines burn through to solve the cryptographic puzzles that add new blocks to the blockchain—so the group wins rewards more often than any single miner could alone.
Recovery for the 11,700 IOU holders now depends largely on what the Texas auction brings in, more than three years after their withdrawals were first frozen.
