Compute North files for bankruptcy

Crypto mining data centre Compute North has filed for bankruptcy amid the ongoing crypto winter.

The Minnesota-based crypto firm has become the next in line to fall under the wrath of the bear market and has filed for voluntary Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas.

Compute North reportedly owes around $500m to roughly 200 creditors and will operate a plan to work out how to repay such funds.

According to documentation, the company said it estimated its assets to be worth between $100m and $500m.

Crypto mining giants Compass Mining and Marathon Digital are both clients of Compute North. Both have said they do not expect the bankruptcy of the company to affect their businesses.

However, the company has faced delays in energizing mining machines for Marathon Digital due to local regulations in the state, reported Bloomberg.

This is not the first crypto firm to liquidize during the economic struggle of the past year. Crypto lender Celsius Network, hedge fund Three Arrows Capital (3AC) and broker Voyager Digital all saw their companies collapse during the ‘crypto winter’.

If you just want to use your cryptocurrencies for gaming purposes, you can do so at websites such as 1xBit, Bitcasino and FortuneJack.

 

Source

Updated: 09/26/2022 — 15:00