Why did compute North go bankrupt?

Compute North in February announced a capital raise of $385 million, consisting of an $85 million Series C equity round and $300 million in debt financing. But it fell into bankruptcy as miners struggle to survive amid slumping bitcoin (BTC) prices, rising power costs and record difficulty in mining bitcoin.

How much money does compute North owe?

Generate took action in order to preserve the value of its collateral, Marcus said. Compute North owes as much as $500 million to at least 200 creditors. The company’s assets are worth between $100 million and $500 million, according to its court petition.

What happened to compute North?

Compute North Holdings Inc., which provides data center services for cryptocurrency miners and blockchain companies, filed for bankruptcy in Texas on Thursday.

How many subsidiaries does compute north have?

As the above graphic illustrates, Compute North has over 20 subsidiaries that operate the various aspects of this business. Most of these (the companies under the “Operating Companies silo”) are wholly owned by Compute North, while others are joint ventures with NextEra Energy and Marathon Digital Holdings.