NFT Collection The Superlative Secret Society Price, Stats, and Review
10 signs an airdrop is a scam — and how to stay safe
Bitcoin to Solana: Crypto Prices Stay High Above Global Averages in South Korea
Bitcoin DeFi Project ALEX Protocol Targeted In $8.3 Million Exploit
Bitcoin Leveraged Traders Are Back Betting On A Price Decline — What This Means
Top Ethereum-Based Altcoins by Developer Activity
Analysts forecast Cardano rally to $2 as Ripple and this new AI coin gain momentum
Earn Mining Website Helps You Earn Your First $102,656: Cloud Mining Investor Strategy
Coinbase’s New Bitcoin Ad: The Paradox of Home Prices in Bitcoin vs. Dollars
From chocolates to shades: Bolivia’s embrace of USDT signals major shift
Samson Mow Warns: Bitcoin Core Now a Risk to Bitcoin’s Future
Trump Media Commits 3 Billion Dollars to Crypto in One Bold Move
Ethereum to $10K by 2025? Why Some Analysts Believe Ozak AI’s $0.005 Price Could Deliver Higher ROI
From High Gear to Grind: Bitcoin Hashrate Slides 75 EH/s After Etching New Record
Wells Fargo Customer Loses $61,000 in Fake Virus, Fake Apple Care, Fake Bank Fraud Department Scam: Report
Whales lose sweet tooth for SYRUP despite Maple Finance’s growth
Michael Saylor Flashes Another Strategy Bitcoin Purchase Signal
X and Polymarket Join Forces: A New Era for News and Forecasting on Social Media?
Bitcoin’s On-Chain Metrics Signal Next Major Price Leap – What Could Be Next Stop
Could $WAI Be the Next 500x? Web3 ai Is Quietly Building a Real AI-Powered Crypto Edge
Bitcoin At A Crossroads: $97,000 Cost Basis Holds Key To Next Breakout
Michael Saylor teases fresh Bitcoin buy after $1B stock offering
Analyst Unveils New All-Time High Price Target for Bitcoin This Month, Says New Bubble Brewing in Crypto
Tether at $515 billion? CEO says that’s ‘bearish,’ backs Bolivia’s USDT move
Unstaked Presale Charges Toward $10M as PEPE Whale Moves Shake Sentiment and Solana Stumbles
Bitcoin Miner Marathon Digital’s Shares Downgraded After Compute North Files for Bankruptcy Protection
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 11 Bankruptcy Protection
Five months ago last April, Compute North revealed the company was building a 300 megawatt (MW) data center in Texas. Months before that at the end of 2021, Compute North entered a deal with Marathon Digital Holdings (Nasdaq: MARA) and the two firms planned to host more than 100,000 application-specific integrated circuit (ASIC) miners in data centers around the country.
Recent Chapter 11 bankruptcy protection filings now show Compute North is dealing with financial issues. Speaking with Steven Church and David Pan from Bloomberg, Kristyan Mjolsnes, head of Compute North’s marketing and sustainability team explained that the firm looks to stabilize operations.
Compute North seeks “the opportunity to stabilize its business and implement a comprehensive restructuring process,” Mjolsnes said. “[It] will enable us to continue servicing our customers and partners and make the necessary investments to achieve our strategic objectives,” the company’s executive explained.
The bankruptcy filing follows the company raising roughly $410 million in equity and debt funding this year. Furthermore, Compute North has had to deal with falling bitcoin (BTC) prices and at the end of June it was said that $4 billion in bitcoin mining loans were in distress. Falling bitcoin and crypto asset prices have triggered a number of bankruptcies stemming from digital currency lenders and cryptocurrency-backed hedge funds.
MARA Stock Downgraded Over Compute North’s Recent Bankruptcy Filing, Marathon Says Compute North’s Restructuring ‘Will Not Impact Current Mining Operations’
Compute North’s bankruptcy has affected Marathon Digital’s stock after BTIG analyst Gregory Lewis decided to downgrade the equity. Lewis said that Compute North’s recent filing will “weigh on MARA’s ability to grow its hash capacity. However, longer term, the bankruptcy of Compute North could provide an opportunity for MARA to build a data center infrastructure footprint at distressed pricing.” Marathon Digital also took to Twitter to discuss the recent bankruptcy filing.
“Today, a filing related to one of our hosting providers was published,” Marathon Digital tweeted. “Based on the information available at this time, it is our understanding that this filing will not impact our current mining operations. We are in communication with the hosting provider and monitoring their progress as they work through this process,” the bitcoin mining firm added.
What do you think about Compute North’s bankruptcy filing and Marathon’s stock getting downgraded? Let us know what you think about this subject in the comments section below.
