Bitcoin (BTC) Mining Company Sued for Bankruptcy!

crypto winter While it caused the assets of many investors to disappear, corporate companies were also affected by this situation.

Increase in energy costs in addition to crypto winter Bitcoin miners it put him in a difficult position. A new bankruptcy filing came as the decrease in revenues as well as the increase in costs made things even more difficult.

Compute North, which provides infrastructure services to Bitcoin mining companies in Texas, has filed for bankruptcy in court. The application is currently pending before Judge David R Jones.

The company’s CEO, Dave Perrill, who has been struggling to pay off debts with the decline in Bitcoin, left his job earlier this month.

With the bankruptcy application, it is aimed to obtain a protection against the creditors of the company and to restructure the debts under the supervision of the court in this process.

It is known that the company, which will continue to work in the process of restructuring these debts, owes approximately 500 million dollars to 200 creditors. The company’s assets are worth between $100 million and $500 million.

The company raised $385 million in a Series C funding round 7 months ago.

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