BTC mining company Compute North files for bankruptcy

BTC mining company Compute North files for bankruptcy

Bitcoin (BTC) mining company Compute North has filed for bankruptcy under Article 11 amid the effects of the crypto winter and mounting pressures from rising energy prices. The company’s CEO, Dave Perrill, will resign as CEO and will continue to sit on the board.

The company filed for bankruptcy under Article 11 in the U.S. District Court for the South Texas District on September 22. made. Judge David Jones will consider the application.

The company will be able to continue its activities while creating a repayment plan to the creditors within the scope of the application. Compute North owes a total of $500 million to 200 creditors, according to the filing case. The value of the company’s assets is thought to range between $100-500 million.

Compute North offers large-scale crypto mining hosting facilities and services, mining hardware and BTC mining pool. The company has partners such as Compass Mining and Marathon Digital.

Both companies made a statement on Twitter and announced that their activities will continue as normal.

Compass Mining said, “The Compute North team informed today that one filing for bankruptcy will not disrupt their business operations. We continue to monitor the situation and will share new information as it becomes available,” he said. announced.

BTC’s poor performance in 2022 dealt a huge blow to the mining industry. When we look at Texas specifically, rising energy prices and power cuts seen in heat waves make the situation worse.

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