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Bitcoin Mining Data Center Firm Compute North Files For Bankruptcy

Bitcoin Mining Data Center Firm Compute North Files For Bankruptcy

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Compute North, a data center provider for the cryptocurrency mining industry and blockchain companies, has filed for Chapter 11 bankruptcy in a Texas court as energy costs spiral and the crypto market’s prolonged slump continues.

The Minnesota-based company will continue to operate as it works out a plan to repay creditors. In the filing, it said it owed up to $500 million to at least 200 creditors. According to the filings, Compute North estimates its assets to be between $100 million and $500 million.

The company started crypto mining in 2017 before moving on to provide hosting services to other mining companies. Earlier this year, it delayed the opening of a major mine in Texas due to local regulations, likely undermining its ability to turn a profit.

Compute North’s clients include cryptomining giants Marathon Digital and Compass Mining. Both Marathon Digital and Compass Mining tweeted that they are not waiting Calculate the impact of North’s bankruptcy filing on its business.

Compute North had raised $385 million in equity and debt funding in February and has numerous deals with crypto miners, including Hive Blockchain and Atlas Mining.

Its bankruptcy filing makes Compute North the latest major casualty of the ongoing crypto winter with a crypto broker Voyager Digitalcrypto lender Celsius networkand a crypto hedge fund Capital of the Three Arrows all filed for bankruptcy earlier this year.

A combination of falling cryptocurrency prices and skyrocketing energy costs has weighed on miners’ profits, and the closely watched gauge of Bitcoin mining revenue has fallen under two years earlier this month.

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