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Crypto Mining and Staking Firm Foundry Buys Some of Troubled Bitcoin Miner Compute North's Assets
Foundry will buy two mining facilities and has an option to acquire a third site that is under development.
By Aoyon Ashraf
Updated May 9, 2023, 4:03 a.m. Published Nov 22, 2022, 11:29 p.m.
Crypto mining and staking firm Foundry will buy two "turnkey" crypto mining assets with a total of 17 megawatt (MW) capacity from bitcoin miner Compute North, which filed for Chapter 11 bankruptcy protection in late September
Foundry will buy Compute North's sites in North Sioux City, South Dakota, and Big Springs, Texas, that have a fully operational capacity of six MW and 11 MW, respectively, according to a statement on Tuesday.
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Compute North, one of the world's largest bitcoin mining firms, said in September that it couldn't fulfill debt obligations worth up to $500 million. Since then, its assets have been sold off to different entities, including its own lender, Generate Capital, which bought the company's stake in two mega-mining facilities for $5 million, earlier this month.
As part of the deal, Foundry will also have rights to completely build out and operate Compute North's facility in Minden, Neb. The deal will also include rights to a fleet of mining machines owned by the miner, as well as its intellectual property, the statement said.
"It has been our mission to strengthen the infrastructure of digital assets by supporting mining companies through all market cycles," said Mike Colyer, CEO of Foundry, in the statement. "Compute North has been our longtime partner and we are happy to have the opportunity to continue building upon the foundation they have laid over many years while growing the North American mining ecosystem."
Foundry is a subsidiary of Digital Currency Group (DCG), the parent company of CoinDesk.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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