Poolin Bitcoin Mining Bankruptcy – Asset Auction Progress

Poolin Technology, the Singapore‑based Bitcoin mining pool that once supplied about 20% of global hashrate, filed a voluntary Chapter 11 petition in the U.S. District Court for the District of New Jersey on July 22, 2026. The filing lists pre‑petition liabilities of roughly $173 million, of which $163.7 million are unsecured IOUs owed to approximately 11,700 users whose wallet withdrawals were frozen in 2022. Reported assets range between $1 million and $10 million.

To fund debt repayment, Poolin and its U.S. affiliates (Lonestar Dream Inc. and Lonestar Taproot LLC) are auctioning two West‑Texas mining facilities—Pyote and Tarbush. A stalking‑horse bid of $52 million from Thor CALAP LLC (about $15 million for Pyote and $37 million for Tarbush) has been accepted, with an initial market estimate of $50 million. The auction deadline is set for September 8, and court‑supervised hearings on the sale are scheduled for mid‑August. Thor CALAP’s due‑diligence period ends on August 9, after which it may withdraw if the review is unsatisfactory.

Analysts continue to stress that the bankruptcy is unlikely to affect Bitcoin’s network security or overall hashrate, but it highlights persistent financial strain in the crypto‑mining sector and may accelerate the shift of mining hardware toward AI and high‑performance‑computing applications.