Compute North Files for Bankruptcy as Crypto-Mining Data Center Owes up to $500M
Compute North, one of the largest operators of crypto-mining data centers, filed for bankruptcy and revealed that its CEO stepped down as the rout in cryptocurrency prices weighs on the industry. The company filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas.
Compute North in February announced a capital raise of $385 million, consisting of an $85 million Series C equity round and $300 million in debt financing. But it fell into bankruptcy as miners struggle to survive amid slumping bitcoin (BTC) prices, rising power costs and record difficulty in mining bitcoin. The filing is likely to have negative implications for the industry. Compute North is one of the largest data center providers for miners.
Source
t.me/Mining_Crypto_Miner
