Mining Company Compute North Files for Bankruptcy

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Cryptocurrency mining company Compute North has just filed for bankruptcy.

According to the company, its liabilities to 200 counterparties are estimated at $500 million, and its assets range from $100 million to $500 million.

According to the company announcement, the firm CEO Dave Perrill has stepped down but will remain on the board of directors.

Sources say the company is currently developing a plan for restructuring its activities.

The bear market and rising energy costs are reportedly the reason behind the decision.