Bankrupt Bitcoin (BTC) Mining Company Puts Its Equipment For Sale!

Generate Capital, bankruptcy the one who Bitcoin (BTC) mining company Compute NorthIt buys two mining facilities from .

A Bankruptcy judge in Houston, Texas, signed the order approving the sale today. As part of the sale, Generate will also assume obligations and responsibilities for its facilities and equipment.

Bankrupt Bitcoin (BTC) Mining Provider Compute North Sells Assets to Borrower

Compute North canceled the planned auction and moved to finalize the deal with Generate Capital, as it had not received any other suitable bids for the assets prior to the sale.

Generate allegedly had a hand in financing the facilities and in the bankruptcy of Compute North.

The lender acted as one of Compute North’s largest sources of finance in the establishment of new sites such as the Wolf Hollow mining facility.

In February of this year, he agreed to loan Compute North up to $300 million to pay for further costs and project development.

The deal fell through after Compute North Chief Financial Officer Harold Coulby claimed that Generate was trying to exploit parts of the deal during the bankruptcy process, ultimately dissolving the deal and the financing that came with it.

This resulted in Compute North being unable to finance its ongoing data centers and ultimately going bankrupt.

Part of the sales agreement includes compensation amounts for creditors. These amounts still continue to be determined during the court process.

The committee and individual creditors representing the creditors in the case raised objections regarding the amounts determined in the initial agreement. These appeals are still awaiting resolution.

*Not investment advice.