Poolin applied for Chapter 11 bankruptcy protection in the United States, planning $52 million to sell Texas mines

On 24 July, The MinerMag reported that Poolin, the former world ' s largest Bitcoin pond, had applied for Chapter 11 bankruptcy protection, and planned to sell its Bitcoin mining assets in Texas for $52 million and end operations. On 22 July, Poolin and its two United States affiliates filed a voluntary application with the United States Bankruptcy Court in New Jersey, with a liability of approximately $173 million, of which approximately $163.7 million was an unsecured IOU issued to Poolin wallet users after the suspension of cash withdrawals during the 2022 encryption market downturn. Some 11,700 wallet users hold balances in excess of $100. Two Texas mines ceased mining and hosting operations on 10 July. Poolin has entered into an asset purchase agreement with Thor CalAP LLC for $15 million for the Pyote mine and $37 million for power rights and equipment for the Tarbush mine, for a total of $52 million, to be used as the bid base. Poolin states that AI infrastructure needs may increase the value of power and equipment at the mine. The final recovery amount for the court auction will depend on competitive bidding, cost and court approval。