Insolvent Compute North Sells $1.55M Worth Assets to Rival

Defunct HashFlare Co-founders Arrested For Crypto Fraud
  • Compute North has sold part of its assets to Bitcoin mining company Crusoe Energy.
  • Crusoe Energy in Colorado utilizes gas emissions to fuel cryptocurrency mining.

After valuing its assets at between $100 million and $500 million. Compute North filed for chapter 11 bankruptcy in September, with the sale representing a tiny portion of that potential revenue. While it figures out how to pay back its approximately 200 debtors, the firm is keeping operations going.

After filing for bankruptcy, crypto-mining data center provider Compute North has sold part of its assets. To Bitcoin mining company Crusoe Energy, which operates in a sustainable manner. According to paperwork submitted to the Southern District of Texas bankruptcy court. The Minnesota business expects to receive slightly under $1.55 million from the sale of its container assets.

Compute North shifted gears from its original 2017 focus on cryptocurrency mining to host the operations of other miners. However, it was delayed in launching its new plant in Texas because of regulatory issues, high energy prices, and the continued collapse in the cryptocurrency market this year.

Utilization of Flare Gas

Company Crusoe Energy in Colorado utilizes gas emissions to fuel cryptocurrency mining and other forms of resource-intensive computing. In April, it completed a Series C fundraising round that brought in $505 million from investors including Winklevoss Capital and Bain Capital Ventures, as well as G2 Venture Partners, a venture capital company specializing in climate technology.

Since then, it has been on an acquisitions binge, acquiring Denver-based modular data center producer Easter-Owens Electric in June and Great American Mining’s assets in July. Crusoe converts flared gas into usable energy for mining rigs. Flared gas is gas that is burnt off rather than collected or transported.

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