ChainCatcher report, according to TheMinerMag, the former world’s largest Bitcoin mining pool, Poolin, has filed for Chapter 11 bankruptcy protection in the United States, planning to sell its Texas Bitcoin mining assets for $52 million and cease operations. Poolin and its two U.S.-based affiliates filed a voluntary petition with the U.S. Bankruptcy Court in New Jersey on July 22, listing liabilities of approximately $173 million, of which about $163.7 million consists of unsecured IOUs issued to Poolin wallet users following the suspension of withdrawals during the 2022 crypto market downturn. Over 11,700 wallet users hold balances exceeding $100. Both of Poolin’s Texas mining facilities ceased mining and托管 operations on July 10. Poolin has entered into an asset purchase agreement with Thor CALAP LLC, valuing the Pyote mine at $15 million and the Tarbush mine’s power rights and equipment at $37 million, for a combined offer of $52 million to serve as the bid floor. Poolin noted that demand for AI infrastructure could increase the value of the mine’s power and equipment. The final recovery amount from the court auction will depend on bidding, fees, and court approval.
Poolin Files for Chapter 11 Bankruptcy, Plans to Sell Texas Mining Assets for $52M
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Summary
Poolin Files for Chapter 11 Bankruptcy, Plans to Sell Texas Mining Assets for $52M Amid Risk-On Asset Volatility
Former largest Bitcoin mining pool Poolin has filed for Chapter 11 bankruptcy in the U.S. and intends to sell its Texas Bitcoin mining assets for $52 million to wind down operations. Poolin and two U.S.-based subsidiaries submitted a voluntary petition to the U.S. Bankruptcy Court for New Jersey on July 22, with liabilities totaling approximately $173 million, including $163.7 million in unsecured IOUs issued to wallet users following the suspension of withdrawals during the 2022 crypto downturn. Over 11,700 wallet users hold balances exceeding $100. Poolin’s two Texas mining sites ceased mining and hosting operations on July 10. Poolin has entered into an asset purchase agreement with Thor CALAP LLC, valuing the Pyote site at $15 million and the Tarbush site’s power rights and equipment at $37 million. The $52 million offer will serve as the auction floor price. Poolin noted that growing demand for AI infrastructure could enhance the value of its mining assets. Final recovery amounts will depend on bidding activity, fees, and court approval. This move occurs as global regulators—including under MiCA (EU Markets in Crypto-Assets Regulation)—continue to strengthen oversight of crypto firms.
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