A federal judge approved the final reorganization plan for effectively defunct crypto mining services firm Compute North, which was one of the largest in North America, setting the firm on track to become a shadow of what it once was.
Crypto miner Marathon is not looking to buy any assets from bankrupt hosting provider Compute North, after considering a bid for a stake in the 280-megawatt wind power facility in Texas where it runs a large portion of its machines.
Marathon Digital Holdings Inc. has hired advisers to help navigate a potential bid for its partner Compute North, a troubled crypto miner currently going through bankruptcy, according to Bloomberg.
Marathon CEO Fred Thiel told Bloomberg his company had hired Guggenheim Partners and law firm Weil Gotshal & Manges to advise on both its exposure to Compute’s bankruptcy and a potential bid for the bankrupt data center.
Marathon Digital (MARA), one of the largest publicly traded bitcoin miners, expects to recover only $22 million of the $50 million it deposited with bankrupt bitcoin miner and data center provider Compute North.