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Foundry Acquires Some Assets of Bankrupt Bitcoin Miner Compute North

cryptoknowmics.com 23 November 2022 04:52, UTC
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Bitcoin miner Compute North, which applied for bankruptcy protection under Chapter 11 in late September, will sell two "turnkey" cryptocurrency mining assets with a combined 17 megawatt (MW) capacity to the cryptocurrency mining and staking company Foundry. https://twitter.com/FoundryServices/status/1595191075534168065

Foundry Acquired Compute North Assets

According to a statement released on Tuesday, Foundry will purchase Compute North's facilities in North Sioux City, South Dakota, and Big Springs, Texas, which have a fully functioning power of six MW and 11 MW, respectively. One of the biggest bitcoin mining companies in the world, Compute North, announced its inability to pay debt commitments of up to $500 million in September. Since then, several parties have purchased its assets, including its internal lender Generate Capital, which paid $5 million for the shares of a company in two mega-mining operations earlier this month.

Expansion of the Platform

In accordance with the agreement, Foundry will also have the right to fully renovate and run Compute North's plant in Minden, Nebraska. The statement said the deal would also cover the miner's proprietary information and a series of mining equipment ownership rights. The CEO of Foundry, Mike Colyer, stated in the release that it has been the objective to enhance the structure of digital assets by helping mining firms through all market fluctuations. Compute North has been the long-term collaborator, and the company is pleased to have the opportunity to continue expanding upon the platform they have established over many years while expanding the North American mining ecosystem.

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