Bitcoin mining company Compute North has filed for Chapter 11 bankruptcy protection, with estimated assets between $100 million and $500 million

Chain Catcher News, Bitcoin mining hosting provider Compute North has filed for Chapter 11 bankruptcy protection in federal court. Compute North stated that after paying any management fees, it would be unable to allocate any funds to unsecured creditors. The company is currently stabilizing its operations and implementing a comprehensive restructuring opportunity. Documents show that the company's estimated liabilities and estimated assets are between $100 million and $500 million.

It is reported that in February of this year, Compute North completed $385 million in equity and debt financing, including $85 million in Series C equity financing co-led by Mercuria and Generate Capital, with participation from National Grid's National Grid Partners. The $300 million debt financing was provided by Generate Capital, and the funds raised will be used to establish new hosting facilities in states such as Nebraska, North Carolina, and Texas. (The Block)