Crypto mining firm Foundry to buy mining sites from embattled Compute North

Cryptocurrency mining and staking firm Foundry Digital LLC plans to acquire two turnkey crypto mining facilities in the U.S. from troubled Compute North, which filed for Chapter 11 bankruptcy in September, the company said.

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Fast facts

• Foundry said in a statement on Tuesday that it is also weighing an option to buy a third facility that is under development.
• The two facilities Foundry is looking to acquire are located in North Sioux City, S.D., and Big Springs, Texas, according to the statement.
• When Compute North filed for bankruptcy protection in September, it said it owed as much as US$500 million to at least 200 creditors.
• Compute North has since sold some of its assets to various entities, including green mining business Crusoe Energy.
• In October, Core Scientific, one of the world’s largest Bitcoin miners, also said it might be facing bankruptcy as it expects to run out of cash resources by the end of this year or sooner.

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