Bitcoin Mining Pool Poolin Files for Chapter 11 and Moves to Sell $52M in West Texas Mining Sites

TL;DR

• Poolin and two U.S. affiliates filed for Chapter 11 after West Texas operations stopped, listing liabilities of $100 million to $500 million.
• A $52 million stalking-horse bid covers the Tarbush and Pyote sites, with higher offers possible through a court-supervised auction process.
• Poolin reported approximately $173.1 million in prepetition obligations, including $163.7 million in unsecured IOUs connected to suspended customer withdrawals during 2022 and roughly 11,700 affected retail users.

Poolin Technology and two U.S. affiliates have filed for Chapter 11 protection in New Jersey after their West Texas bitcoin mining and hosting operations stopped on July 10. The Singapore-based parent reported estimated assets between $1 million and $10 million, liabilities between $100 million and $500 million, and as many as 25,000 creditors. Poolin is entering bankruptcy with a remarkably thin asset base compared with its obligations. Rather than attempting a conventional operational turnaround, the companies plan to use the court process to sell substantially all remaining U.S. mining assets and generate recoveries for creditors.

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