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Compute North Files Chapter 11 Bankruptcy Protection

September 22, 2022
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SBF’s Emergent Fidelity Technologies Is The Latest Company To Declare Bankruptcy

Genesis Has Stated Their Intention To Emerge From Bankruptcy By May 19

The crypto-mining Date Center Compute North has sought the files of Chapter 11 bankruptcy protection for the Southern District of Texas based on documents of the US Bankruptcy Court.

Compute North is the leading operator of crypto-mining data. This company has raised successfully $385 million and still had many great deals with large companies around the world. This funding includes $85 million in the Series C round and $300 million for other debt financings.

Compute North Files Chapter 11 Bankruptcy Protection In US
Compute North Files Chapter 11 Bankruptcy Protection 2

This company has 4 branches in the US, including two facilities in Texas, one in South Dakota, and one in Nebraska. Compute North partners with large companies such as Marathon Digital (MARA), Compass Mining and Atlas Mining, The9, and BitNile Holdings (NILE)

Actually, a bankruptcy filing is a negative impact on the data-mining industries. BTC has fallen without a promised comeback, and miners are struggling to survive the rising power costs and other difficulties around.

On July, one unit of Celsius Network also filed for Bankruption protection in the US Bankruptcy Court. Poolin Wallet – one of the most largest BTC mining pools, announced to issue IOU tokens for users affected by the frozen withdrawals.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Tags: bankruptcyComputer NorthSeries CUS Bankruptcy Court
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