Hut 8 Wins Bid for Poolin’s Texas Data Centers With $140 Million Offer

Hut 8 has emerged as the winning bidder for bankrupt crypto miner Poolin’s two Texas data center sites, offering $140 million in cash and other consideration, according to a Wednesday court filing. The bid covers the Pyote and Tarbush sites and is nearly triple the $52 million opening stalking-horse offer from Thor CALAP, which bid $15 million for Pyote and $37 million for Tarbush.

Court Approval and Backup Bids

The US Bankruptcy Court for the District of New Jersey must approve the sale at a hearing on Sept. 29. Backup bids also came in from DigiPower X, at $36.5 million for Pyote, and Pecos Industrial Development, a designee of AI infrastructure firm Fluidstack, at $100.5 million for Tarbush.

Poolin Chapter 11 Bankruptcy Background

Poolin and two US affiliates filed for Chapter 11 in July after winding down mining and hosting at the Texas sites. Court filings list about $173.1 million in obligations, including roughly $163.7 million in unsecured IOUs owed to Poolin Wallet users after withdrawals were frozen in 2022.

Hut 8 AI Data Center Expansion

Hut 8 is moving deeper into AI infrastructure. Its development pipeline reached about 8.7 gigawatts in the second quarter, up around 300 megawatts. It has 949 MW of contracted AI capacity, worth an estimated $26.6 billion, across its River Bend and Beacon Point campuses. CEO Asher Genoot said demand is robust and that everyone wants capacity.