Report post

Why did compute North file a Chapter 11 bankruptcy?

The decision to file a Chapter 11 bankruptcy now was forced on the company mainly by the actions of its primary lender, Generate Lending LLC, an affiliate of Generate Capital, according to a court declaration filed by Compute North’s chief financial officer and treasurer, Harold Coulby.

What happened to compute North?

Compute North Holdings, Inc., a developer and operator of data centers used by customers in the blockchain, cryptocurrency mining, and distributed computing space, made voluntary Chapter 11 filings in the United States Bankruptcy Court for the Southern District of Texas (Houston Division).

What is compute North's capacity?

Additionally, Compute North has 2 partially operational facilities, with 124 megawatts of aggregate capacity at King Mountain (McCamey, Texas) and Wolf Hollow (Granbury, Texas), with total expected capacity at those facilities of 580 megawatts.

Where is compute North located?

Initially, Generate Capital agreed to finance a facility that Compute North had opened in 2019 in Kearney, Nebraska. Subsequently, just a few months later, Generate Capital agreed to finance a new 300-megawatt facility that Compute North was developing near Granbury, Texas, called Wolf Hollow.

Related articles

Canadian Authorities Initiate New Project to Combat Crypto Fraud

Canadian Authorities Initiate New Project to Combat Crypto Fraud2024-09-06 09:48:40The Alberta Securities Commission (ASC) has collaborate […]

Canadian Crypto Exchanges Faces Deadline For CIRO Membership

Canadian Crypto Exchanges Faces Deadline For CIRO Membership2024-08-06 23:33:50Canadian crypto exchanges face a looming deadline to comply with new regulations, specifically CIRO membership. With the crypto deadline approaching, exchanges are scrambling to adapt and ensure regulatory compliance. The question arises: are Canadian exchanges urgently pursuing regulatory compliance? This article explores the challenges and opportunities facing Canadian crypto exchanges as they navigate the changing regulatory landscape.

Best Ethereum ETFs In Canada For 2024

Best Ethereum ETFs In Canada For 20242024-08-01 02:52:21Discover the top Ethereum ETFs in Canada for 2024, including a comprehensive guide on what Ethereum ETFs are and how they work. Learn about the evolving investments in Ether ETFs like ETHR and CI Galaxy’s ETHX, as well as the purpose and benefits of investing in ETHH. Stay ahead of the curve with our curated list of top Ethereum ETFs for Canadian investors.

Canadian Tribunal Strikes Down Bitfarms’ Poison Pill Against Riot Platforms

Canadian Tribunal Strikes Down Bitfarms’ Poison Pill Against Riot Platforms2024-07-25 15:35:16On Wednesday, Bitcoin mining firm Riot Platforms announ […]

Solana ETFs Could Be Approved Without CME Futures: SOL Price Prediction

Solana ETFs Could Be Approved Without CME Futures: SOL Price Prediction2024-07-21 22:57:17Solana ETFs’ approval prospects and SOL price predictions are gaining momentum, with investors speculating on the potential impact of these funds on SOL’s growth. The outlook is being closely watched, especially during U.S. elections, as market sentiment could shift. While CME futures are not yet a necessity, the ETF approval may serve as a significant catalyst for SOL’s price movement. Stay tuned for updates on this developing trend.

The World's Leading Crypto Trading Platform

Get my welcome gifts