Hut 8 Seeks to Secure Poolin's Texas Assets Amid Renewed Bidding Process

Hut 8 has emerged as the lead bidder for Poolin's Texas mining properties after a New Jersey bankruptcy court reopened bidding. The proposed transaction, worth up to $180 million, includes an initial payment of $100 million and up to $80 million in milestone payments tied to future data-center development.

The milestone payments would cover projects involving artificial intelligence, high-performance computing, cloud computing, and colocation facilities, but exclude facilities primarily intended for crypto mining. Hut 8's affiliated company had previously been selected as the baseline buyer under a $140 million transaction, but the auction was restarted following a dispute over the bidding process.

The court has stated that the renewed bidding process aims to maximize recoveries for creditors. Other bidders must submit offers by October 1, and the public auction is scheduled for October 2.