Bitcoin Mining Giant Poolin Files for Bankruptcy Owing $164 Million to Users

Poolin Technology, one of Bitcoin's largest mining pools, has filed for Chapter 11 bankruptcy. The company owes $163.7 million to its wallet users, with approximately 11,700 users affected.

The IOUs were issued in September 2022 when Poolin could no longer meet withdrawal demands due to a liquidity crunch. At the time, management shifted its financing relationship to Antalpha Technologies, which lent against digital assets.

The company's Texas mining expansion had been designed for access to up to 600 megawatts of power but only initially had 100 MW available, leaving it with more equipment than it could deploy. The debtors recorded $8.8 million in equipment-sale losses over fiscal 2023 through 2025 and about $45.9 million of cumulative losses across the Lonestar business.

Poolin is seeking court approval for asset sales, with opening offers totaling $52 million from Thor CALAP LLC. However, this amount represents only about 31.8% of the IOUs owed to wallet users, and it is unclear how much of the mining assets' value will reach these creditors.