HOUSTON — Poolin Technology Pte. Ltd. a former top-tier Bitcoin mining pool, filed for Chapter 11 bankruptcy on July 22, capping a two-year liquidity spiral that began when the company froze user withdrawals in 2022 and never clawed its way back.
The filing lists $163.7 million in debt owed to roughly 11,700 users still holding IOUs from the Singapore-based entity. That figure is not an abstraction — it represents real capital locked up for two years with no exit.
To cover those liabilities, Poolin will auction its remaining mining facilities in West Texas. Thor CALAP LLC has placed a stalking-horse bid of $52 million for the two sites, setting the floor for the court-supervised auction. With $163.7 million on the hook and only $52 million on the table at minimum, creditors are already looking at steep haircuts.
The 2022 withdrawal freeze hit during a brutal stretch for crypto markets — collapsing prices, rising network difficulty and balance-sheet stress across the mining sector. Poolin never restored full user access, and the debt compounded.
The Bitcoin mining sector has been consolidating hard. Operations carrying high leverage or running inefficient infrastructure have been getting wiped out in downturns, and Poolin is the latest casualty. This is what overleveraged infrastructure looks like when the market stops being forgiving.
The court will oversee the auction. Proceeds go toward repaying users and other creditors — though at current bid levels, that recovery will fall well short of what users are owed.
