Compute North files for Chapter 11 bankruptcy

09/23 00:50

Bitcoin mining hosting provider Compute North has filed for Chapter 11 bankruptcy protection in a federal court, as the industry struggles with the decline in bitcoin pricing and rising power costs. "After any administrative expenses are paid, no funds will be available for distribution to unsecured creditors," the company claimed in the filing. The company is seeking "the opportunity to stabilize its business and implement a comprehensive restructuring process," said Kristyan Mjolsnes, head of marketing and sustainability. " Compute North has between $100 million-$500 million both in estimated liabilities and estimated assets, according to the filing. The company raised $385 million in equity and debt funding earlier this year to finance its new bitcoin mining data centers. The deal was structured as $85 million in equity funding from Mercuria, a global energy and commodities trading company, Generate Capital, an infrastructure investment firm, and other investors, and $300 million from Generate Capital.

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