The post Bitcoin Mining Firm ‘Compute North’ Owes $500 Million To Creditors, Files For Bankruptcy appeared first on Coinpedia Fintech News
On September 22, Bitcoin (BTC) mining data center operator ‘Compute North’ filed for Chapter 11 Bankruptcy and will be continuing its operations all along finding solutions to solve the problem of liquidity. During its filing, the company also added that CEO Dave Perrill had resigned earlier in September. Notably, the mining operator owes $500 million to about 200 creditors and has assets valued between $100 and $500 million.
CEO Dave Perrill will still remain on the board and chief operating officer Drake Harvey will be taking over as President. Compute North partners – Marathon Digital and Compass Digital – revealed that the mining firm’s declaration of bankruptcy would not affect their operations.
Bankruptcy may have come with the firm seeing its fortune declining after a massive market downturn. Also, the rising energy costs and increasing BTC mining difficulty have made it hard for the miners to make profits.