Poolin files for Chapter 11 bankruptcy protection in the United States, plans to sell a Texas mining farm for $52 million

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PANews July 24 — According to TheMinerMag, former global largest Bitcoin mining pool Poolin has filed for Chapter 11 bankruptcy protection and plans to sell its Texas Bitcoin mining assets for $52 million and end operations. Poolin and its two U.S. affiliates filed voluntary petitions with the United States Bankruptcy Court for the District of New Jersey on July 22. Total liabilities are approximately $173 million, of which about $163.7 million are unsecured IOUs issued by Poolin to Poolin wallet users after it paused withdrawals during the 2022 crypto market downturn. About 11,700 wallet users hold balances of more than $100.

The two Texas mining sites stopped mining and custody services on July 10. Poolin has reached an asset purchase agreement with Thor CALAP LLC: the Pyote facility is priced at $15 million, and the Tarbush facility’s power rights and equipment are priced at $37 million. The combined $52 million bid will serve as the reserve price for the auction. Poolin said that demand for AI infrastructure may increase the value of mining power and equipment. The final amount recovered through the court auction will depend on bids, fees, and court approval.

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