Poolin Files US Bankruptcy, Lists Texas Assets for $52 Million Sale
Poolin, formerly the world's largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the United States. The move comes as the company plans to sell its Texas-based Bitcoin mining assets for $52 million and cease operations.
The New Jersey Bankruptcy Court received Poolin's voluntary filings on July 22, along with those of two U.S.-affiliated companies. According to the documents, Poolin's liabilities total approximately $173 million, with around $163.7 million attributed to unsecured IOUs issued to users of its wallet service after withdrawals were suspended during the 2022 crypto market downturn.
The bankruptcy filing indicates that Poolin will attempt to restructure its debt and sell off its assets to satisfy creditors. The sale of the Texas mining farm, valued at $52 million, is a key component of this plan.