Poolin Files for Bankruptcy, Seeks Sale of Texas Cryptomining Assets

Crypto mining pool operator Poolin has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of New Jersey. The company, along with its two US affiliates, Lonestar Dream Inc and Lonestar Taproot LLC, submitted voluntary petitions on July 22.

Polling's decision to seek bankruptcy comes after it ceased mining and hosting activities at its Pyote and Tarbush facilities in West Texas on July 10. A limited workforce has been retained to secure the properties and assist with the sale process.

The companies have entered into two asset purchase agreements with Thor CALAP LLC, which has offered $15m for the Pyote property and its associated power rights and equipment, and $37m for the power rights and equipment at Tarbush. The combined offer of $52m will act as a stalking-horse bid, establishing the minimum price for the assets during the bankruptcy auction.