Poolin Files for Chapter 11 and Plans to Sell Texas Bitcoin Mining Assets

Former global Bitcoin mining pool Poolin has filed for Chapter 11 bankruptcy protection in the United States and plans to sell its Texas Bitcoin mining assets for $52 million as it winds down operations. According to ChainCatcher, Poolin and two U.S. affiliates filed voluntary petitions with the U.S. Bankruptcy Court for the District of New Jersey on July 22, listing about $173 million in liabilities. Roughly $163.7 million of that total came from unsecured IOUs issued to wallet users after withdrawals were suspended during the 2022 crypto market downturn. According to ChainCatcher, about 11,700 wallet users hold balances of more than $100. The company said its two Texas mining sites stopped mining and hosting services on July 10. Poolin has reached an asset purchase agreement with Thor CALAP LLC. The Pyote site is valued at $15 million, while the Tarbush site’s power rights and equipment are valued at $37 million, making up the $52 million bid floor. Poolin said demand for AI infrastructure could increase the value of the sites’ power and equipment. Final recovery from the court-supervised sale will depend on bidding, expenses, and court approval.