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With its latest round, Gensyn has raised more than $50 million and the company said it would use the fresh capital to accelerate the introduction of the protocol and to expand its workforce, including the addition of protocol and machine learning engineers. Prominent investment firms CoinFund, Canonical Crypto, Protocol Labs,
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Born out of the ashes of the Compute North bankruptcy, the new venture aims to give clients control over their energy strategy. Original Source
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Compute North filed for bankruptcy in September as it was unable to meet its debt obligations. The mining firm has closed 13 asset sales, four of them major, which have “satisfied” all of its secured debt, which was $250 million, said Compute North’s attorney at a Thursday hearing. Source
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The miner signed a hosting deal with bankrupt Compute North in September for a site that is now managed by USBTC. Original Source
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Compute North, prior to its bankruptcy, served as the biggest hosting provider that Marathon Digital partnered with.American cryptocurrency mining outfit Marathon Digital Holdings Inc (NASDAQ: MARA) is exploring options to acquire its bankrupt sister firm, Compute North Holdings. According to Marathon’s Chief Executive Officer, Fred Thiel, the company has hired
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In other updates, Marathon said it reduced its revolver borrowings to $30 million from $50 million and – after mining 472 bitcoin in November – has 4,200 unrestricted bitcoin and 11,757 total bitcoin as of Nov. 30. That 472 bitcoin mined last month was down 23% from October thanks to
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As part of the deal, Foundry will also have rights to completely build out and operate Compute North's facility in Minden, Neb. The deal will also include rights to a fleet of mining machines owned by the miner, as well as its intellectual property, the statement said. Original Source
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The company paid co-founder and former CEO Dave Perrill $613,000 for payroll and benefits, according to the filing. Former CFO Tad Piper got $541,000 three months after he left the company, President Edward Drake Harvey III and Chief Commercial Officer Kyle Wenzel got about $500,000 each, former Chief Technology Officer
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The lender is paying $5 million in cash and assuming liabilities associated with the two sites, which total 400 MW of operating capacity. Original Source
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The miner said, however, that its King Mountain and Wolf Hollow sites aren't directly subject to Compute North’s bankruptcy process. Marathon said it didn’t face any significant impact at its King Mountain site, although there were some delays at Wolf Hollow, unrelated to the bankruptcy process, according to the statement. Source
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