Singapore-based Bitcoin miner Poolin filed for Chapter 11 bankruptcy protection on July 22 in New Jersey alongside its US affiliates Lonestar Dream and Lonestar Taproot. The company listed approximately $173.1 million in liabilities, with about $163.7 million tied to unsecured IOUs issued to Poolin Wallet customers in September 2022. It is seeking court approval for a $52 million sale of its Texas assets, including $15 million for the Pyote property and $37 million for Tarbush power rights and equipment. The group relocated from China in 2021 and expected up to 600 megawatts of power in Texas but received only 100 megawatts, resulting in equipment losses of $8.8 million from 2021 to 2025. Once accounting for roughly 14% of the Bitcoin network’s hashrate in 2019, Poolin now faces between 10,001 and 25,000 creditors.
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