Poolin Files Chapter 11, Auctions Texas Mining Assets for $52M

Poolin, once the world's largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the United States as part of a plan to sell its Texas mining assets for $52 million.

The Singapore-based company and its U.S. subsidiaries Lonestar Dream Inc. and Lonestar Taproot LLC submitted voluntary bankruptcy petitions on July 22 in the U.S. Bankruptcy Court for the District of New Jersey.

Pollin's financial burden stems from the 2022 crypto market crash, which triggered severe liquidity pressure and forced the company to issue IOUs to customers. The company's US expansion was built around expectations that never materialized, with excess mining equipment sold at discounted prices resulting in about $8.8 million in losses.