Poolin Files for Chapter 11 as Texas Mining Sites Hit the Auction Block

The filing marks a definitive end to Poolin’s attempt to operate as a mining firm, with operations at the Texas sites having ceased on July 10. The move comes as the company attempts to address a mountain of liabilities, the bulk of which consists of $163.7 million in IOUs issued to customers after the platform suspended wallet withdrawals during the 2022 market crash. Court records indicate that between 10,000 and 25,000 creditors are currently seeking recovery from the liquidation.

While Poolin’s own business suffered from the crypto downturn and accumulated $45.9 million in losses, its physical assets have drawn significant interest from unexpected quarters. During a three-month marketing push, the company engaged with over 335 prospective buyers, including artificial intelligence infrastructure operators and hyperscale data center firms. These buyers are prioritizing the sites' existing electrical capacity and power grid connections, which have become highly sought-after commodities for high-performance computing as traditional bitcoin mining margins tighten. The bankruptcy court will now oversee the bidding process to determine if these assets can yield sufficient funds to satisfy the claims of thousands of unpaid wallet users.