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WuSaidBlockchainW

According to TheEnergyMag, leading Bitcoin mining pool Poolin and two U.S.-affiliated companies have filed for Chapter 11 bankruptcy protection in New Jersey and plan to sell two mining farm assets in West Texas, with a total reserve price of $52 million. Court filings show their debts are about $173 million, including about $164 million in IOUs issued to Poolin Wallet users after withdrawals were suspended in 2022; the final repayment percentage will depend on the results of asset auctions and court approval.

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EmotionOrder
· 19m ago
Of the $173 million debt, $164 million consists of vouchers owed to users—so they account for such a large proportion! This suggests that Poolin basically put nearly all of the users’ funds at risk. It’s still unclear whether the mining farm assets in West Texas can be sold for a good price; and with electricity costs high again, potential buyers may not be very eager.
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BollingerWanderer
· 07-24 08:27
In the mining industry, the strong will survive and the weak will be eliminated; in the future, only a few large mining pools may remain.
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WhaleWatcherNFT
· 07-24 06:49
There were already signs long ago—when withdrawals were paused in 2022, that was when people should have run. But many are trapped inside now, and all that’s left is to see what the court decides.
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MockSigner
· 07-24 06:42
Creditors should file their claims as soon as possible—anything you can get is better than nothing.
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VWAPFollower
· 07-24 06:40
Poolin was also once one of the top mining pools. Now it has ended up in bankruptcy liquidation, and it’s really hard to say how much of the 164 million in debt owed to Wallet users can be recovered.
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CollateralMixer
· 07-24 06:36
Another mining pool can’t hold on anymore—the aftershocks of the bear market are still ongoing.
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CandleSniffer
· 07-24 06:29
Two mining farms in West Texas have a reserve price of $52 million, but their debts add up to $173 million; on top of that, after accounting for legal and auction fees, ordinary users will most likely get nothing back—effectively losing all their money. The cost of deleveraging in the crypto industry is too high; the 2022 suspension of withdrawals controversy has only now been formally wrapped up.
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