Poolin applies for bankruptcy protection in the United States, plans to sell Texas mine for $52 million

According to TheMinerMag, Poolin, the former world's largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the United States, planning to sell its Texas Bitcoin mining assets for $52 million and cease operations. Poolin and its two US affiliated companies filed an application with the New Jersey Bankruptcy Court on July 22, with liabilities of approximately $173 million, of which approximately $163.7 million is unsecured IOUs issued to Poolin wallet users. About 11700 wallet users hold balances exceeding $100. Poolin's two Texas mines ceased mining and hosting operations on July 10th.