Bankrupt Compute North selling $1.55 million in assets to Crusoe
Quick Take
- A bankruptcy court allowed the sale of Compute North assets for $1.55 million to Crusoe Energy Systems. They include 11 containers.
- Crusoe has acquired two companies in the past few months, while other miners struggle to meet debt payments.
Bitcoin mining hosting provider Compute North is selling 11 containers for around $1.55 million to Crusoe Energy Systems.
The U.S. Bankruptcy Court in the Southern District of Texas, Houston Division approved the sale, according to documents filed Wednesday.
Crusoe had already made a deposit worth $187,000 on Oct. 28, according to the filing. The company did not receive any other qualifying bids before the deadline.
As other companies in the bitcoin mining industry struggle with liquidity and have been forced to sell off assets, Crusoe has been on a shopping spree, also acquiring its competitor Great American Mining in October and electrical manufacturer Easter-Owens Electric Co in July.
The Denver-based company operates modular data centers, using natural gas that would otherwise be flared. It recently raised $505 million in a Series C round to accelerate the growth of its mining operation.
Compute North filed for Chapter 11 bankruptcy in September, stating that it had between $100 million-$500 million both in estimated liabilities and estimated assets. Recently it also agreed to sell two mining facilities to its former lender Generate Capital for $5 million.
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