{"id":263810,"date":"2022-09-23T12:10:39","date_gmt":"2022-09-23T11:10:39","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=263810"},"modified":"2022-09-23T15:40:28","modified_gmt":"2022-09-23T14:40:28","slug":"bitcoin-mining-firm-compute-north-files-for-bankruptcy-ceo-resigns","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-mining-firm-compute-north-files-for-bankruptcy-ceo-resigns\/","title":{"rendered":"Bitcoin mining firm Compute North files for bankruptcy, CEO resigns"},"content":{"rendered":"<p>Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>) mining data center operator Compute North <a href=\"https:\/\/bkdata.com\/business-bankruptcies\/mcallen-texas\/09-22-2022\/compute-north-90288\">filed<\/a> for Chapter 11 Bankruptcy, adding that CEO Dave Perrill resigned earlier in September.<\/p>\n<p>The firm reportedly owes $500 million to about 200 creditors and has assets valued between $100 and $500 million.<\/p>\n<p><span class=\"s4\">Compute North filed for bankruptcy<\/span> on Sept. 22 and will continue operations as it seeks to find solutions to its liquidity problem. Meanwhile, CEO Dave Perrill will remain on the board while chief operating officer Drake Harvey will take over as President.<\/p>\n<p>Compute North is one of the biggest data center operators for crypto miners and has partnerships with major miners like Marathon Digital and Compass Mining. It raised $385 million in February \u2014 $300 million came from debt financing, while $85 million came from its Series C equity financing.<\/p>\n<h2>Compute North faced a declining revenue source<\/h2>\n<p>The company saw its fortune tank after a massive market downturn that plunged Bitcoin's value below $20,000. Additionally, rising energy costs and <a href=\"https:\/\/cryptoslate.com\/bitcoin-mining-difficulty-expected-to-reach-new-all-time-high\/\">increasing<\/a> BTC mining difficulty have made it difficult for miners to stay <a href=\"https:\/\/cryptoslate.com\/research-miners-capitulating-is-actually-good-news-for-bitcoin\/\">profitable<\/a>.<\/p>\n<p>Bloomberg Business Reporter David Pan <span class=\"s4\">tweeted<\/span> that one reason Compute North filed for bankruptcy was the delay in its 280mw mining facility in Texas becoming operational \u2014 mainly due to approval issues.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">While Compute North\u2019s bankruptcy shows the systemic distress in the Bitcoin mining industry, that is also the result of a mix of idiosyncratic risks. 1) Hosting companies that build data centers to run rigs for miners have to strike a very delicate balance between<\/p>\n<p>&mdash; David Pan (@DavidPan_1) <a href=\"https:\/\/twitter.com\/DavidPan_1\/status\/1573122390380482561?ref_src=twsrc%5Etfw\">September 23, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Pan:<\/p>\n<blockquote><p>&#8220;[Compute North]'s bankruptcy indicates increasing distress in Bitcoin mining.&#8221;<\/p><\/blockquote>\n<h2>Compute North partners unaffected<\/h2>\n<p>Compute North partners have revealed that the firm's bankruptcy would not affect their operations.<\/p>\n<p>Bitcoin mining firms \u2014 Marathon Digital and Compass Digital \u2014 tweeted that the data center operator's bankruptcy would not impact their mining operations.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today, a filing related to one of our hosting providers was published. Based on the information available at this time, it is our understanding that this filing will not impact our current mining operations.<\/p>\n<p>&mdash; Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) <a href=\"https:\/\/twitter.com\/MarathonDH\/status\/1573083511619305472?ref_src=twsrc%5Etfw\">September 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Compute North\u2019s staff informed us today that the bankruptcy filing should not disrupt business operations.  We are continuing to monitor the situation and will provide further updates as they become available.<\/p>\n<p>&mdash; Compass Mining \ud83e\udded (@compass_mining) <a href=\"https:\/\/twitter.com\/compass_mining\/status\/1573083953720094720?ref_src=twsrc%5Etfw\">September 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Compute North is the first crypto mining-related company to file for bankruptcy. Meanwhile, several crypto lenders like Celsius Network, Voyager Digital, and others had earlier filed for <a href=\"https:\/\/cryptoslate.com\/bankrupt-crypto-lender-voyager-set-to-auction-off-its-assets-on-sept-13\/\">bankruptcy<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) mining data center operator Compute North filed for Chapter 11 Bankruptcy, adding that CEO Dave Perrill resigned earlier in September. The firm reportedly owes $500 million to about 200 creditors and has assets valued between $100 and $500 million. Compute North filed for bankruptcy on Sept. 22 and will continue operations as it [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":263824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901,2376],"tags":[77854,77727,78073],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin mining firm Compute North files for bankruptcy, CEO resigns<\/title>\n<meta name=\"description\" content=\"Bitcoin mining firm North Compute has filed foe bankruptcy and has revealed that its CEO resigned earlier this month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-mining-firm-compute-north-files-for-bankruptcy-ceo-resigns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin mining firm Compute North files for bankruptcy, CEO resigns\" \/>\n<meta property=\"og:description\" content=\"Bitcoin mining firm North Compute has filed foe bankruptcy and has revealed that its CEO resigned earlier this month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-mining-firm-compute-north-files-for-bankruptcy-ceo-resigns\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-23T11:10:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-23T14:40:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/image_2022-09-23_155830943.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-mining-firm-compute-north-files-for-bankruptcy-ceo-resigns\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-mining-firm-compute-north-files-for-bankruptcy-ceo-resigns\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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