years, rendering mining unprofitable for several investors. Bitcoin (BTC), Cryptocurrencies, Mining, News by, eugenia Kovaliova on Thursday, November 22nd, 2018 8:19pm UTC. Giga Watt was founded by bitcoin miner Dave Carlson with the plan being to open up the industry to smaller scale miners by creating customized mining pods along with a cheap and stable electricity supply and round-the-clock maintenance at a facility in central Washington. Among the list of creditors is Neppel Electric, claiming close to 500,000 in unpaid bills, as well as a utility provider situated in Douglas County base that is claiming an amount thats slightly exceeding 310,000. Giga Pods for B2B customers. In addition, the company had also been selling mining hardware rigs over its website. Chapter 11 Bankruptcy Filed, court documents said that the Bitcoin mining company has assets worth 50,000 or less, but is running liabilities estimated to be between 10-50 million. Filed for Chapter 11 bankruptcy protection in a Washington state court, with its shareholders claiming that the company can no longer pay off its debts. This article has been updated.
The firm filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington. Bitcoin mining operations in the US and China are facing closures after the plummeting price of bitcoin means they may no longer be profitable. Bitcoin price crash causes bankruptcy and mass.
Bitcoin mining pool btcc halted its operations in early-November for the same reasons, and it is likely that more Bitcoin mining companies will file for bankruptcy as the spell of low prices continues. Following the decision, KnC said it will now seek to sell off profitable aspects of the company, but did not specify which parts of its business would be auctioned. However, in remarks, CEO Sam Cole denied any relationship between the bankruptcy filing and recent litigation involving the companys mining hardware customers. With all of our overhead, after July, the cost will be over 480. A US-based cryptocurrency mining firm has filed for bankruptcy amid Bitcoin's declining price. Our first priority is to ensure we can continue business to at least 10th July acquire the operations as a going concern, including the companys very knowledgeable and diligent staff, Åberg said in a statement. The group of companies under the KnCGroup umbrella, which includes KnCMiner as well as other subsidiaries focused on software development and digital currency trading, among others, has been placed under the control of receiver Nils Åberg. Leave a comment, another cryptocurrency mining firm, Giga Watt falls out of the race declaring itself bankrupt and unable to refund its 7 million-debt to investors. A few years later, Carlson, who planned to open up the industry to smaller scale miners, initiated the foundation of Giga Watt. .
Bitcoin mining bankruptcies
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