Former bitcoin mining pool giant Poolin has filed for Chapter 11 bankruptcy protection in the United States and plans to sell its Texas bitcoin mining assets for $52 million before winding down operations, according to TheMinerMag. Poolin and two affiliated U.S. entities filed voluntary petitions with the U.S. Bankruptcy Court for the District of New Jersey on July 22. Court documents put total liabilities at about $173 million, including roughly $163.7 million in unsecured IOUs issued to Poolin wallet users after withdrawals were suspended during the 2022 crypto market downturn. About 11,700 wallet users reportedly hold balances of more than $100. Poolin’s two Texas mining sites stopped mining and hosting operations on July 10. The company has entered into an asset purchase agreement with Thor CALAP LLC, with the Pyote site priced at $15 million and the Tarbush site’s power rights and equipment priced at $37 million. The combined $52 million offer will serve as the stalking-horse bid in a court-supervised auction. Poolin said demand tied to AI infrastructure could lift the value of mining-site power capacity and equipment, while the final recovery amount will depend on bidding, costs, and court approval.
Former bitcoin mining pool leader Poolin has filed for Chapter 11 bankruptcy protection in the United States and plans to sell its Texas bitcoin mining assets for $52 million before shutting down operations, according to TheMinerMag.
Poolin and two affiliated U.S. entities filed voluntary petitions with the U.S. Bankruptcy Court for the District of New Jersey on July 22. The filing shows about $173 million in liabilities, including roughly $163.7 million in unsecured IOUs that were issued to Poolin wallet users after the company suspended withdrawals during the 2022 crypto market downturn.
About 11,700 wallet users hold balances of more than $100, the report said.
Texas mining assets set as auction floor bid
Poolin’s two Texas mining sites stopped mining and hosting operations on July 10. The company has signed an asset purchase agreement with Thor CALAP LLC. Under that agreement, the Pyote mining site is valued at $15 million, while the Tarbush site’s power rights and equipment are valued at $37 million. The combined $52 million offer will serve as the floor bid in the court auction.
Poolin said demand from AI infrastructure could raise the value of mining-site power access and equipment. The final recovery amount from the court-supervised sale will depend on bidding, expenses, and court approval.
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