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Former Top Miner Poolin Files for Bankruptcy to Sell Texas Sites
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Bitcoin mining firm Poolin has filed for Chapter 11 bankruptcy alongside its U.S. affiliates as it seeks to auction two mining sites in West Texas. The company has secured a $52 million opening bid from Thor CALAP LLC and plans to use the proceeds to repay creditors, including 11,700 wallet customers owed $163.7 million. Once the world’s largest Bitcoin mining pool, Poolin struggled after China’s 2021 mining ban, the 2022 crypto market downturn, and rising energy costs.
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