Bitcoin Mining Pool Pulled Files for Chapter 11 Bankruptcy Protection

Bitcoin mining pool Pulled has filed for Chapter 11 bankruptcy protection in the U.S. and is proceeding with the sale of two West Texas mining sites as part of a creditor recovery program for $52 million. According to court filings, Pulled's debts range from $100 million to $500 million, with assets between $1 million and $10 million, and approximately 11,000 to 25,000 creditors. The company seeks court approval to sell the sites, which will be auctioned under court supervision with a bid deadline of September 8. Pulled was once the world's largest Bitcoin mining pool but now ranks 17th with a 0.2% hash rate. The industry faces financial strain due to rising electricity costs, with some operators halting operations and others seeking new revenue streams. NFN8 Group and two U.S. subsidiaries also filed for Chapter 11 in Texas in February.