Bitcoin mining hosting provider Compute North has filed for Chapter 11 bankruptcy in a Texas court.
The company’s petition was filed today with the U.S. Bankruptcy Court for the Southern District of Texas.
Compute North Files for Bankruptcy
“After any administrative costs have been paid, no funds will be provided for distribution to unsecured creditors,” the filing by Compute North said.
Kristyan Mjolsnes, the company’s head of marketing and sustainability, noted that the company had the opportunity to undergo a comprehensive restructuring to stabilize its business again.
“This will enable us to continue serving our customers and partners and make the necessary investments to achieve our strategic goals.”
The company’s estimated liabilities and estimated assets range from $100 million to $500 million, according to the filing.
The company raised $385 million in equity and debt funds earlier this year to finance new Bitcoin mining data centers.
Compute North’s clients include some of the biggest Bitcoin mining companies, including Marathon, which signed a 42-megawatt hosting deal in July.
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