Poolin Files for Chapter 11, Plans $52M Sale of Texas Bitcoin Mining Sites

Cryptocurrency mining firm Poolin has entered Chapter 11 proceedings in New Jersey alongside two U.S. affiliates, marking the latest fallout from the company’s 2022 liquidity crisis.

The filing lists roughly $173.1 million in liabilities, of which $163.7 million relates to obligations owed to Poolin Wallet users after customer withdrawals were halted in 2022. Any distributions to creditors will depend on the outcome of the bankruptcy process, including court approval of asset sales.

As part of the restructuring, the debtors are seeking to sell two Bitcoin mining facilities in West Texas through a court-supervised auction that opens with a combined bid of $52 million.

Established in 2017, Poolin rose to become the world’s largest Bitcoin mining pool in 2019 before financial pressures led to the suspension of wallet withdrawals three years later.

Source: TheEnergyMag