Compute North, one of the major operators of crypto-mining data centers, has declared bankruptcy and announced that its CEO has resigned as the bitcoin price collapse weighs on the industry. According to a filing, the corporation filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. This comes after Compute North announced a $385 million capital raising in February, comprised of an $85 million Series C stock round and $300 million in debt funding. However, it declared bankruptcy as miners struggled to subsist in the face of falling bitcoin (BTC) prices, growing power bills, and record difficulty in mining bitcoin.
