AMPLIFICATION ONLY — ADAM BACK GOES 10 X-WINDOWS WITH NO ORIGINAL FRAMING. THE TAPE IS DOING THE ARGUING.

Poolin Technology and its US affiliates filed Chapter 11 in New Jersey today. The mining pool is carrying $173 million in liabilities and moving forward with a $52 million asset sale as part of the wind-down. That leaves creditors covering roughly $121 million of exposure. The Capitalist read is not about mining. It's about balance sheets. Poolin was one of the largest pools during the last cycle and is disappearing during the current one. The wrapper class of the mining industry — the pools that aggregate hashrate for retail miners and pay fees back — is thinning. Foundry (which put BIP-110 to a hashrate vote this week) benefits from every competitor that folds. And the shrinking pool count matters going into the August BIP-110 signaling window: fewer entities, fewer votes.