Crypto Miner Compute North Files for Bankruptcy

One of the largest operators of crypto-mining data centers, Compute North, has filed for bankruptcy.

The company also revealed that its CEO had stepped down.

A court filing shows that the company filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas.

Compute North fell into bankruptcy due to rising power costs, record difficulty in mining Bitcoin, and slumping bitcoin (BTC) prices.

Compute North is one of the largest data center providers for miners, and has multiple deals with other larger mining companies. As such, its bankruptcy filing might have negative ripple effects.

CEO Dave Perrill stepped down earlier this month but will continue to serve on the board, CoinDesk reports and added that Drake Harvey, who has been chief operating officer for the last year, has taken the role of president at Compute North.

Compute North has four facilities in the U.S. – two in Texas and one in both South Dakota and Nebraska, according to its website.

Leave a Reply

Your email address will not be published. Required fields are marked *