Poolin files for bankruptcy, to sell Texas mining assets
6.6 Investments Poolin filed for Chapter 11 bankruptcy in the U.S. and plans to sell its Texas bitcoin mining assets for $52 million, reflecting major financial and industry challenges.
Poolin, once a leading Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the United States, along with two affiliated entities. The company plans to sell its Texas mining assets through a court-supervised auction, starting at $52 million. According to the bankruptcy filing, Poolin lists between 10,001 and 25,000 creditors, with assets valued between $1 million and $10 million, and liabilities ranging from $100 million to $500 million. Notably, about $163.7 million of its $173.1 million prepetition obligations are unsecured IOUs owed to wallet customers after withdrawals were suspended in 2022. The bankruptcy aims to enable an orderly asset sale rather than a business reorganization. Mining operations at the Texas sites stopped on July 10, with only minimal staff retained for security. Interest from AI infrastructure operators has increased bidding for the power assets, as data centers are being repurposed beyond bitcoin mining. This development underscores ongoing financial and market pressures in the Bitcoin mining industry.
