Crypto Mining Data Center Compute North Goes Bankrupt
Compute North, a cryptocurrency mining data center, has filed for Chapter 11 bankruptcy at a Texas court as the firm owes around 200 creditors $500 million. Backed by Generate Capital, the Minnesota-based faced issues with paying debts to its lender.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Compute North estimates that its assets are worth between $100 million and $500 million. Out of the $300 million credit, which was given to Compute North by Generate Capital in February this year, a little over $100 million is now outstanding.
White House Sees Bitcoin Mining Sanctions Over Its Environmental Impact
Among Compute North’s clients are crypto mining firms Marathon Digital and Compass Mining. Compass Mining took to Twitter to assure its clients that Compute North’s bankruptcy filing «should not disrupt business operations.»
Access more than 50 of the world’s financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange