A bankrupt miner's most valuable asset turned out to be its grid connection.
Hut 8 won the auction for two of Poolin's West Texas data centre campuses, Pyote and Tarbush, with a $140 million bid — against the $52 million stalking-horse offer that opened the process. Poolin and two US affiliates filed for Chapter 11 in New Jersey in July with roughly $163 million of obligations. The sale still needs court approval, at a hearing set for 29 September.
Three things worth separating:
1. What changed hands is not machines. It is an energised, permitted interconnection at a specific substation. Interconnection queues run for years, so live capacity is scarce in a way hardware never is.
2. That is why a clearing price can land far above the opening bid. The bidders were not pricing mining economics, they were pricing a queue position nobody can manufacture on demand.
3. The buyer is not committing to mining either. A site with power can serve whichever workload pays more, which quietly turns hashrate into the residual user of electricity rather than the anchor tenant.
And a winning bid is not a completed transfer. In Chapter 11 the cash goes to the estate and then out through a priority waterfall, so what creditors recover is decided by that order, not by the headline number.
What I am watching: whether the hearing approves the sale as filed.
Not financial advice. Do your own research.
#Bitcoin #CryptoNews
Hut 8 won the auction for two of Poolin's West Texas data centre campuses, Pyote and Tarbush, with a $140 million bid — against the $52 million stalking-horse offer that opened the process. Poolin and two US affiliates filed for Chapter 11 in New Jersey in July with roughly $163 million of obligations. The sale still needs court approval, at a hearing set for 29 September.
Three things worth separating:
1. What changed hands is not machines. It is an energised, permitted interconnection at a specific substation. Interconnection queues run for years, so live capacity is scarce in a way hardware never is.
2. That is why a clearing price can land far above the opening bid. The bidders were not pricing mining economics, they were pricing a queue position nobody can manufacture on demand.
3. The buyer is not committing to mining either. A site with power can serve whichever workload pays more, which quietly turns hashrate into the residual user of electricity rather than the anchor tenant.
And a winning bid is not a completed transfer. In Chapter 11 the cash goes to the estate and then out through a priority waterfall, so what creditors recover is decided by that order, not by the headline number.
What I am watching: whether the hearing approves the sale as filed.
Not financial advice. Do your own research.
#Bitcoin #CryptoNews