According to CoinMeta, crypto miner Poolin Technology has filed for Chapter 11 bankruptcy protection with a court in New Jersey. The Singapore-based company previously operated Bitcoin mining pools. At the time of the application, its listed assets were valued between $1 million and $10 million, while its liabilities amounted to as high as $500 million, with an estimated 10,001 to 25,000 creditors. Poolin stated that filing for bankruptcy is aimed at selling the business and preserving value for creditors. According to the sale schedule, qualified bids will be due on September 8 this year, with the auction scheduled for September 10. This application reflects a growing trend among Bitcoin miners shifting towards artificial intelligence and high-performance computing data centers.