Hut 8 Wins $140M Bid For Poolin’s Texas Data Centers

Hut 8 Mining Corp. emerged as the winning bidder for two Texas data‑center sites owned by bankrupt mining firm Poolin, submitting a cash offer of $140 million. The sites, known as Pyote and Tarbush, were part of a Chapter 11 auction that began with combined stalking‑horse bids of $52 million.

Auction Dynamics

Initial offers included $15 million from Thor CALAP for the Pyote campus and $37 million for Tarbush. Additional interest came from DigiPower X and Pecos Industrial Development, the latter acting on behalf of AI‑infrastructure company Fluidstack. Competitive bidding drove the final winning amount to $140 million, reflecting heightened market interest in mining‑related power assets.

Pending Court Approval

Although Hut 8 has secured the top bid, the sale remains subject to approval by the U.S. Bankruptcy Court for the District of New Jersey. A confirmation hearing is scheduled for September 29, and the transaction should be regarded as a pending acquisition until the court issues its decision.

Strategic Implications for Hut 8

Hut 8 is expanding beyond pure Bitcoin mining into broader data‑center and AI‑infrastructure operations. Access to reliable, low‑cost electricity is a critical asset for such diversification, and the Texas locations provide significant grid capacity that could support compute workloads beyond cryptocurrency mining.

Broader Market Signal

The escalation from a $52 million starting point to a $140 million winning bid underscores a growing valuation of mining facilities for their power and compute potential, not solely for Bitcoin hashing capacity.