Crypto
Poolin Files for Bankruptcy, Auctions Texas Mining Sites
Poolin, one of the leading Bitcoin mining pool operators based in Singapore, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey.
The filing lists liabilities of approximately $173.1 million and assets ranging between $1 million and $10 million. Poolin's decision to auction its Texas mining sites, which feature a $52 million stalking-horse bid from Thor CALAP LLC, is part of a broader strategy to repay its 11,700 users.
The sale of Poolin's mining assets appears consistent with efforts to liquidate assets and repay creditors. Market pricing indicates a potential decrease in Bitcoin price predictions, reflecting concerns over increased mining sell-pressure.