Cryptocurrency mining firm Foundry is all set to acquire two turnkey cryptocurrency mining facilities with a total capacity of 17 MW. Foundry will acquire these from the bankrupt mining company Compute North. Furthermore, it will also acquire another mining facility that is under development. These details were shared by Foundry Digital through aThe two Compute North turnkey crypto mining facilities are located in North Sioux City, South Dakota and Big Springs, Texas.
Foundry would also acquire Compute North’s fleet of mining equipment as well as its intellectual property. Compute North for Chapter 11 bankruptcy protection in September 2022 as it owed $500 million to 200 creditors. The company’s assets were said to be worth between $100 million and $500 million. Since then, Compute North has sold its assets to several bodies, including its own lender, Generate Capital.Crypto mining firms around the world have been reined in by the bearish market trend. The mining industry has been plagued by a trail of bankruptcies due to rising energy costs, hashrate difficulty, and falling token prices.
A number of crypto mining firms are struggling to keep up due to these reasons. Thus, leading to many organizations filing for bankruptcy.