Bitcoin mining giant Poolin files for bankruptcy owing 11,700 users $164 million

An important story is making waves across the blockchain ecosystem. Bitcoin mining pool Poolin Technology filed for Chapter 11 with $163. 7 million in IOUs owed to wallet users. Its two Texas affiliates are seeking court approval for asset sales with opening offers worth $52 million.

The offers equal about 31. 8% of the IOUs, yet they cover assets held by Lonestar affiliates rather than cash in Poolin Technology's wallet business. No reliable recovery estimate exists while the final sale prices, liens, estate allocations, bankruptcy expenses, and allowed claims remain unresolved.

Market Dynamics

An auction could draw bids from crypto miners and AI data-center operators, pushing the sale price higher. The money would then move through the bankruptcy court’s payment order before reaching Poolin Technology’s unsecured wallet creditors. Poolin was once one of Bitcoin's largest mining pools.

Its hashrate climbed above 25 EH/s in 2021 and 2022, while its share of the network peaked near 18% around 2020. Addresses tagged to the pool have mined 28,371 blocks and earned 256,805 BTC in rewards. Poolin Bitcoin mining pool historical hashrate.

space Poolin Technology Pte. , Lonestar Taproot LLC and Lonestar Dream Inc. filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the District of New Jersey on July 22.

Market Impact

Their cases are being jointly administered under case 26-18325. Poolin's first-day declaration lists $163,723,500 of unsecured wallet-holder IOUs and $173,109,791 across its preliminary prepetition capital structure. Formal schedules and statements of financial affairs are still forthcoming.

What separates the $52 million from wallet holders Prospective buyer Thor CALAP LLC signed a $15 million stalking-horse agreement for the Pyote assets and a separate $37 million agreement for Tarbush-related assets. The proposed transactions establish $52 million in aggregate opening consideration for substantially all of the covered Texas mining assets. Poolin Technology itself reports about $1.

2 million in a New Jersey bank account, an office lease and an intercompany claim. The Texas sites, power rights and equipment sit with the Lonestar affiliates. The filings identify those assets by debtor even though the three cases are jointly administered.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.