Crusoe Buys $1.55M in Assets from Bankrupt Compute North
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Crusoe Energy On Buying Binge
According to the petition, Crusoe had previously deposited $187,000 on October 28. Before the deadline, the business didn't get any further qualified bids. Crusoe has been on a buying binge, purchasing its rival Great American Mining in October and the electrical maker Easter-Owens Electric Corporation in July. Other businesses in the bitcoin mining sector have struggled with liquidity and have been compelled to liquidate assets.
Employment in Natural Gas
The Denver-based startup employs natural gas that would typically be flared to power modular data centers. To help its mining business develop faster, it completed a $505 million Series C financing.
The projected assets and liabilities of Compute North, which filed for Chapter 11 bankruptcy in September, ranged from $100 million to $500 million. Additionally, it recently reached an agreement to sell two mining sites to its previous financier Generate Capital for $5 million.
