EDEN PRAIRIE, Minn. — An Eden Prairie-based cryptocurrency mining firm, Compute North, has filed for chapter.
The information comes because the multibillion-dollar cryptocurrency business faces collapsing costs and lenders halting operations.
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In an announcement, the corporate stated the voluntary Chapter 11 proceedings have been initiated final week in the USA Chapter Court docket for the Southern District of Texas.
The submitting reveals that Compute North owes as a lot as $500 million to not less than 200 collectors.
In response to the corporate, the transfer supplies the corporate “the chance to stabilize its enterprise and implement a complete restructuring course of that may allow us to proceed servicing our prospects and companions and make the mandatory investments to attain our strategic goals.”
Compute North’s web site says the corporate supplies “scalable, cost-effective digital infrastructure options for extremely specialised computing wants. Pushed by trusted leaders with deep expertise in information facilities, expertise, and power; the corporate is redefining how providers are delivered for blockchain, cryptocurrency, and different distributed computing functions.”
The enterprise has services in Nebraska, South Dakota and Texas.
