# Poolin Bitcoin Mining Bankruptcy – Asset Auction Progress

> Live situation record from CLSTR: https://clstr.news/situations/poolin-bitcoin-mining-bankruptcy
> Updated: 2026-08-04T18:01:54.000Z. Sources: 22. Developments: 3.

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.

## Timeline

### 2026-08-04: Poolin Technology files Chapter 11, owes $163.7 million to wallet users

Poolin Technology filed Chapter 11, owing $163.7 million to wallet users and proposing a $52 million Texas asset sale to Thor CALAP LLC, with court hearings in August and uncertain creditor recoveries.

2 sources. https://clstr.news/cluster/poolin-technology-files-chapter-11-owes-1637-million-to-wallet-users

### 2026-07-26: Poolin Bitcoin Mining Pool Files Bankruptcy and Announces Texas Asset Auction

Poolin, a major Bitcoin mining pool, has declared bankruptcy and is auctioning its Texas farms to pay back roughly 11,700 creditors holding IOU notes.

2 sources. https://clstr.news/cluster/poolin-bitcoin-mining-pool-files-bankruptcy-and-announces-texas-asset-auction

### 2026-07-24: Poolin files for Chapter 11 bankruptcy, seeks $52 M Texas asset sale

Poolin, once a leading Bitcoin mining pool, filed Chapter 11 in New Jersey, citing $173 M debt and planning a $52 M sale of its Texas mining sites.

19 sources. https://clstr.news/cluster/poolin-seeks-chapter-11-restructuring-texas-mining-sites-offered-for-52-million

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Cite as: Poolin Bitcoin Mining Bankruptcy – Asset Auction Progress. CLSTR, https://clstr.news/situations/poolin-bitcoin-mining-bankruptcy