• Business
    • Cyrpto
  • Tech
  • Health
  • Travel
  • Fashion
  • Showbiz
  • Life Style
    • Games
  • News
    • World
    • Updates
Facebook Twitter Instagram
Miss Guide
  • Business
    • Cyrpto
  • Tech
  • Health
  • Travel
  • Fashion
  • Showbiz
  • Life Style
    • Games
  • News
    • World
    • Updates
Miss Guide
Home»Cyrpto»The Latest Casualty of the Crypto Winters
Cyrpto

The Latest Casualty of the Crypto Winters

adminBy adminSeptember 26, 2022Updated:November 19, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
the Latest Casualty of the Crypto Winters
The Latest Casualty of the Crypto Winters
Share
Facebook Twitter LinkedIn Pinterest Email

Table of Contents

  • The Latest Casualty of the Crypto Winters
    • Compute North files for Chapter 11 bankruptcy
    • Company’s assets worth between $100 million and $500 million
    • Impact of bitcoin price on company’s liquidity
      • Related posts:

The Latest Casualty of the Crypto Winters

The latest casualty of the Crypto Winters is data center firm Compute North, which has lost between $100 million and $500 million in assets. The company had tried to secure alternative funding through Generate Capital and other prospective investors, but a combination of factors pushed the company into bankruptcy. Energy costs, supply-chain disruptions, and a decline in bitcoin prices slashed the firm’s liquidity.

Compute North files for Chapter 11 bankruptcy

Compute North, the largest crypto mining data center in the world, has filed for voluntary Chapter 11 bankruptcy. The company had a presence in Texas, North Carolina, and Nebraska, and catered to the blockchain, cryptocurrency, and distributed computing industries. The company’s chief executive officer, Dave Perrill, has resigned from his position. The company’s COO, Drake Harvey, has taken his place as president.

Compute North is one of the largest operators of crypto-mining data centers in the world, with four data centers in the U.S. Its problems have been blamed on the cryptocurrency market’s recent slump and rising energy costs. Its founder and CEO, David Perrill, has stepped down but will remain on the board of directors.

Company’s assets worth between $100 million and $500 million

According to a bankruptcy filing, Compute North, a Texas-based data center for cryptocurrency miners and blockchain companies, owes around $500 million to approximately 200 creditors. The company is expected to continue operating while repaying these debts, but will have little cash left over after it pays administrative expenses.

The company is one of the largest operators of data centers for cryptocurrency mining. But the extended crypto winter is having an adverse effect on its daily operations, which have led to a bankruptcy filing. Two cryptocurrency mining companies have filed for Chapter 11 bankruptcy this summer. One of them is Compute North Holdings Inc., which is worth an estimated $100 million to $500 million. Despite its inability to pay off its debts, the company is continuing to operate in hopes that it can become profitable again.

Impact of bitcoin price on company’s liquidity

Crypto mining data center firm Compute North is facing a tough time. The company has filed for voluntary bankruptcy in the U.S., owing about $500 million to creditors. Although Compute North has enough cash on hand to survive bankruptcy, it will take some time to stabilize operations and come up with a strategic restructuring plan.

To make the estimate, the company used information from Bloomberg Finance L.P., Cambridge Centre of Alternative Finance, Chainalysis, Kaiko, Similarweb, and the International Monetary Fund. For panels two and four, the sample is comprised of 10 countries. For panels three and four, the data is in local currency, and the sample of countries is comprised of ten countries. For panel five, the sample uses a parallel FX-rate estimate for Argentina and Nigeria. The researchers also used hashrate, which measures the computing power used for crypto min

Related posts:

  1. Spend Jeff Bezos Money
  2. AMP Crypto Price Prediction For 2023
  3. The Benefits of Working With Guild Mortgage
  4. Staking cryptocurrency is a process whereby investors
Business Casualty Crypto Winters Info news update
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
admin
  • Website

Related Posts

How to Use an Adobe Reader Download to Open and Sign PDFs

October 15, 2022

Streaming, Google to Shut Down Stadia Video Game good strong Streaming Service1

October 15, 2022

Choosing 1 of the Best Graphics Card For Your Samsung Mobile

October 14, 2022

Leave A Reply Cancel Reply

Highlights
Business

Costs,The Difference Between Above and Below the Line Costs1, best Marketing strategy

By adminOctober 9, 20220

Costs of business above the line Above-the-line costs refer to the expenses that a company…

Best Paying Jobs in Technology

September 20, 2022

Paul Wall Net Worth

September 7, 2022

Fixing a Problem With Google Analytics Tracking Code in Elementor

September 19, 2022

Technology,Find Out About The Latest and good Technology For Your Ac,1

October 8, 2022
Just In

How to Use an Adobe Reader Download to Open and Sign PDFs

Updates October 15, 2022

Streaming, Google to Shut Down Stadia Video Game good strong Streaming Service1

Games October 15, 2022

Choosing 1 of the Best Graphics Card For Your Samsung Mobile

Games October 14, 2022

What Is a #1 Strong Music Download?

Updates October 14, 2022

How to Convert 180 Days in Months

News October 12, 2022

How Many jobs are Available in Consumer Services

Business October 11, 2022

Personal injury,How to Choose a No.1 Professional Personal Injury Attorney

News October 11, 2022

What is the Wordle Answer Today?

News October 11, 2022

Find a Coin Car Wash Near Me,A coin car is a great way to maintain the cleanliness of your car

World October 9, 2022

Costs,The Difference Between Above and Below the Line Costs1, best Marketing strategy

Business October 9, 2022
Copyright © 2023 Miss Guide | All Rights Reserved

Type above and press Enter to search. Press Esc to cancel.