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Poolin Files for Bankruptcy Amid Texas Site Auction

Guavy AI Editorial Team
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Poolin, once the world's largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy in its efforts to sell two mining sites in West Texas. The company has secured a $52 million opening bid from Thor CALAP LLC and plans to use the proceeds to repay creditors, including 11,700 wallet customers owed $163.7 million.

The move comes after Poolin struggled with China's 2021 mining ban, the 2022 crypto market downturn, and rising energy costs. The Chapter 11 bankruptcy filing will allow the company to liquidate its assets and pay off debts, including those owed to its customers.

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