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Bitcoin mining firm Compute North filed for Chapter 11 bankruptcy protection in Texas on Thursday as the crypto winter continues to put pressure on crypto mining operations. The bankruptcy petition filed on September 22, indicates the company looks to stabilize operations in order to repay creditors. Compute North Files for Chapter
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In July, the lender asserted several “technical events of default,” which led to taking control of Compute North assets. Generate Capital exercised its voting rights to take over Compute North subsidiary that owned the two bitcoin mining sites the two firms were developing. That included the Wolf Hollow site in
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CEO Dave Perrill stepped down earlier this month but will continue to serve on the board, the spokesperson added. Drake Harvey, who has been chief operating officer for the last year, has taken the role of president at Compute North, the spokesperson said. Source
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Compute North has now energized 40 megawatts (MW) of a 280MW wind-powered facility in Upton County in West Texas, according to the Monday earnings release. Marathon will be the exclusive client of this site, which is Compute North’s fifth TIER 0™ site, said the statement. The rest of the 280MW
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The troubled bitcoin mining hosting firm recently laid off 15% of its staff. Original Source
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The company raised $85 million in an equity round and $300 million in debt financing. Source
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Solana, a top ten smart contracts-enabled cryptocurrency by market cap, has acknowledged it is facing a series of problems hindering the performance of its network. The official account of the status of the network, as well as the status page, reported this incident yesterday. This is the latest issue Solana
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Compute North and Marathon Digital extended their hosting agreement to more than 100,000 bitcoin mining machines across the U.S. according to a statement on Wednesday. The units will be powered mostly by wind and solar energy.The agreement is an expansion of the companies’ previous hosting deal of 73,000 miners in
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The9 has signed a 32 megawatt (MW) mining capacity deal with Compute North to deploy 10,000 miners in the U.S.The high-end S19j miners will be online in the second quarter of 2022, the Shanghai, China-based miner said in a statement.The company also plans to add 14,000 miners with other hosting
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