Hut 8 Wins $140 Million Bid For Poolin Data Centers

Hut 8 has won the bid for two Poolin data-center sites in Texas with a $140 million offer. This bid is nearly three times the initial combined stalking-horse offer of $52 million that started the auction. The transaction is pending approval from the U.S. Bankruptcy Court, with a hearing scheduled for September 29. The bid includes Poolin's Pyote and Tarbush locations. The auction saw competition from other bidders, including Thor CALAP, which initially offered $15 million for Pyote and $37 million for Tarbush, as well as DigiPower X and Pecos Industrial Development. Hut 8's successful bid indicates a growing interest in mining sites for their grid access and broader computing potential, rather than solely for Bitcoin mining. Poolin entered Chapter 11 in July with approximately $173 million in obligations, primarily related to IOUs owed to users of Poolin Wallet after withdrawals were frozen in 2022.