Bitcoin mining firm Compute North files for bankruptcy | The Financial Express

Bitcoin mining firm Compute North files for bankruptcy

The company owes $500 million to around 200 creditors and has assets worth between $100 and $500 million.

Bitcoin mining firm Compute North files for bankruptcy
Compute North, a Bitcoin (BTC) mining data centre startup, filed for Chapter 11 bankruptcy earlier this month, and CEO Dave Perrill resigned.

Compute North, a Bitcoin (BTC) mining data centre company, has filed for Chapter 11 bankruptcy, and CEO Dave Perrill departed earlier this month, Cryptoslate noted.

According to reports, the company owes $500 million to around 200 creditors and has assets worth between $100 and $500 million.

Cryptoslate further noted that the company’s fortunes plummeted following a major market collapse that drove Bitcoin’s value below $20,000.

Furthermore, growing energy prices and increased difficulty in mining BTC have made it tough for miners to remain profitable. According to Bloomberg Business Reporter David Pan, one of the reasons Compute North filed for bankruptcy was the delay in opening its 280MW mining facility in Texas, which was primarily due to approval hurdles.

(With insights from Cryptoslate)

Also Read: Bitcoin-based Compute North applies for Chapter 11 bankruptcy

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Photos
7 Photos
Assembly Election Results 2022: BJP’s celebratory dance in Gujarat, Congress exudes confidence in Himachal – See Photos
10 Photos
Realme 10 Pro Plus launched in India: The 10-point rough cut
9 Photos
AAP sweeps away 15 year BJP reign in MCD election – Photos from celebrations