Poolin Files for Chapter 11 Bankruptcy, Plans $52M Sale of Texas Mining Assets

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According to TheMinerMag, Poolin, formerly the world's largest Bitcoin mining pool, filed for Chapter 11 bankruptcy protection on July 22, seeking to sell its Texas mining assets for $52 million and cease operations. The company and two U.S. affiliates filed voluntary petitions with the New Jersey bankruptcy court, carrying liabilities of approximately $173 million, including $163.7 million in unsecured IOUs issued to Poolin wallet users after withdrawals were halted during the 2022 crypto downturn. About 11,700 wallet users hold balances exceeding $100. The two Texas mining facilities ceased operations on July 10. Poolin has agreed to sell the Pyote facility for $15 million and the Tarbush facility's power rights and equipment for $37 million to Thor CALAP LLC, with the combined $52 million serving as the opening bid for court auction.
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