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Mining firm Compute North Files for Chapter 11 Bankruptcy

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Crypto mining firm Compute North has filed for Chapter 11 bankruptcy protection in a federal court. The bitcoin mining hosting provider had been struggling to survive due to the decline in bitcoin pricing and rising power costs.

Compute North filed the petition in the U.S. Bankruptcy Court for the Southern District of Texas on Thursday. «After any administrative expenses are paid, no funds will be available for distribution to unsecured creditors,» the company claimed in the filing.

Kristyan Mjolsnes, head of marketing and sustainability, stated that the company is seeking «the opportunity to stabilize its business and implement a comprehensive restructuring process.» "(It) will enable us to continue servicing our customers and partners and make the necessary investments to achieve our strategic objectives," Mjolsnes added.

Even though the company has revenue and capital, it has managed to go bankrupt. According to the bankruptcy filing, Compute North claims to have between $100 million-$500 million both in estimated liabilities and estimated assets.

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