​Nuclear Bitcoin Mining Hits Snag as UK Startup Sells Business | Crypto Shake

​Nuclear Bitcoin Mining Hits Snag as UK Startup Sells Business

A firm that was building out a nuclear energy-powered mining facility in Ohio is the latest victim of tough crypto market conditions.

UK-based Lake Parime, a company focused on transforming energy into zero-carbon computing power, has been acquired by Statar Mining.

The group’s recently-acquired bitcoin mining hardware decreased in value as bitcoin prices fell, according to restructuring specialist Interpath Advisory. Interpath’s Ed Boyle and Will Wright became joint administrators to Lake Parime Limited on Jan. 27.

A number of projects Lake Parime had invested in “fell away,” according to Interpath, leaving the company in “an immediate cash crisis.”

A solvent solution could not be found, the advisory firm added. As a result of the sale to Statar Mining, 16 Lake Parime employees have joined the acquirer.