The bankruptcy caps a multi-year unraveling that began with China’s Bitcoin mining ban, followed by sustained losses at U.S. operations and the wallet freeze that left customers with frozen IOUs. Poolin was founded in China in 2017 and by September 2019 was regarded as the world’s largest cryptocurrency mining pool. Its collapse highlights the structural pressures facing miners, from regulatory shifts to volatile Bitcoin prices and rising operational costs.
Before filing, Poolin’s advisors conducted a three-month marketing process, contacting over 335 potential buyers including AI and high-performance data center operators, hyperscalers, real estate funds, private equity firms, and miners. That outreach produced 28 non-disclosure agreements and seven preliminary offers: two for Pyote assets, three for Tarbush power rights and equipment, and two for both sites. The interest from non-mining infrastructure operators suggests the Texas facilities could be repurposed beyond Bitcoin mining.
The stalking-horse bid sets a minimum price, but the assets may be sold separately or as a package if a higher or otherwise better offer emerges and is approved by the court. The auction process will determine whether the $52 million floor is merely a starting point or the final recovery for creditors. With liabilities dwarfing available assets, the outcome for wallet IOU holders remains highly uncertain.