December 9, 2022

Compute North sells assets for more than $1.5 million

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Compute North sells assets for more than $1.5 million

The Bankruptcy Court has allowed mining data center operator Compute North to sell more than $1.5 million worth of assets to mining company Crusoe Energy Systems.

Compute North will sell companies as assets11 containers for placing mining equipment. On October 28, Crusoe Energy made a deposit of 187,000. Crusoe Energy operates modular data centers that are used to mine cryptocurrencies by consuming excess gas left over from oil production.

While other mining companiesstruggle for liquidity by selling assets, Crusoe Energy is actively engaged in buying them up. The company recently acquired miners and a data center from rival Great American Mining, and in July closed a deal with electricity supplier Easter-Owens Electric Co.

Recall that Compute North has filed an application forfiled for bankruptcy in September, saying he had between $100 million and $500 million in both estimated liabilities and estimated assets. He recently agreed to sell two mining businesses to his former lender Generate Capital for $5 million.

The liquidity crisis in the cryptocurrency market forced the mining company Argo Blockchain in October to start selling off recently acquired equipment, as well as start looking for new investors.