Bitcoin miner Compute North files for bankruptcy protection after raising $385 million

Bitcoin miner Compute North is filing for Chapter 11 bankruptcy protection, according to a document filed with the U.S. District Court for the Southern District of Texas, and revealed that its CEO Dave Perrill has suffered from the fall in the crypto market. He resigned under pressure, but will continue to serve on the board. The bankruptcy filing could negatively impact the industry, with Compute North being one of the largest providers of mining computing power and having multiple deals with other large mining companies, the report said. The company has four large mines in the United States, two in Texas, two in South Dakota and Nebraska, and partners include Marathon Digital, BitNile Holdings, Singapore-based mining company Atlas Mining, Chinese mining companies The9 and more. Earlier in February, Compute North completed $385 million in financing, including $85 million in Series C financing and $300 million in debt financing. (CoinDesk)