Key facts
- Bitcoin mining pool Poolin Technology and its U.S. affiliates filed for Chapter 11 bankruptcy.
- The company has liabilities exceeding $173 million and assets between $1 million and $10 million.
- Poolin plans to sell its West Texas mining sites for $52 million to Thor CALAP LLC.
- Approximately 11,700 Poolin Wallet customers are owed $163.7 million in unsecured claims.
- Poolin's Texas mining operations ceased on July 10.
Singapore-based Poolin Technology Pte. Ltd., once one of the world's largest Bitcoin mining pools, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey, along with its U.S. affiliates Lonestar Dream Inc. and Lonestar Taproot LLC. The filing reveals approximately $173.1 million in liabilities against assets estimated between $1 million and $10 million. Poolin's hashrate share has dwindled to 0.2% from a peak of nearly one-fifth of the global network. The company plans to sell its two West Texas mining sites, Pyote and Tarbush, for a proposed $52 million to Thor CALAP LLC. This sale is subject to a court-supervised auction with a bid deadline of September 8, and it includes $15 million for the Pyote site and $37 million for the Tarbush site. The bankruptcy follows a significant liquidity crisis triggered in September 2022 when Poolin froze withdrawals for its Wallet and Pool Account users, issuing $163.7 million in IOU tokens to approximately 11,700 customers. Poolin ceased its Texas mining and hosting operations on July 10, and the proceeds from the auction are expected to be the primary source for creditor recovery.