Bitcoin mining giant Poolin files for bankruptcy owing 11,700 users $164 million

Bitcoin mining pool Poolin Technology filed for Chapter 11 with $163.7 million in IOUs owed to wallet users. Its two Texas affiliates are seeking court approval for asset sales with opening offers worth $52 million.

The offers equal about 31.8% of the IOUs, yet they cover assets held by Lonestar affiliates rather than cash in Poolin Technology's wallet business. No reliable recovery estimate exists while the final sale prices, liens, estate allocations, bankruptcy expenses, and allowed claims remain unresolved.

An auction could draw bids from crypto miners and AI data-center operators, pushing the sale price higher. The money would then move through the bankruptcy court’s payment order before reaching Poolin Technology’s unsecured wallet creditors.

Poolin was once one of Bitcoin's largest mining pools. Its hashrate climbed above 25 EH/s in 2021 and 2022, while its share of the network peaked near 18% around 2020. Addresses tagged to the pool have mined 28,371 blocks and earned 256,805 BTC in rewards.

… Continue reading the full article at the original source below.