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Compute North files for chapter 11- Here’s everything you need to know

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Compute North has become the latest crypto firm to succumb to the ongoing bear market. One of the largest crypto mining data centers, Compute North has filed for voluntary Chapter 11 bankruptcy in the U.S.

Bankruptcy Court for the Southern District of Texas.Compute North had a network of data centers in order to host Bitcoin mining firms and it catered to clients in the blockchain, cryptocurrency mining, and distributed computing space by providing sustainable and efficient computing services.

The company has a considerable presence in the states of Nebraska, North Carolina, and Texas.CEO Dave Perrill has relinquished his seat, although he still remains on the company’s board.

Meanwhile, Compute North COO Drake Harvey has been named President of the company.The bankruptcy filing has revealed that the Minnesota-based company owes as much as $500 million to roughly 200 creditors.

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