Cryptocurrencies
Bitcoin Miner Marathon Reveals $80 Million Exposure to Bankrupt Firm
- Compute North hosts over 68,000 machines for the miner
- Compute North filed for Chapter 11 bankruptcy on Sept. 22
Engineers adjust mining rigs at a cryptocurrency mining farm.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Top Bitcoin mining firm Marathon Digital Holdings Inc. disclosed it has over $80 million of exposure in the bankrupt data center firm Compute North Holdings Inc.
The total includes investments comprised of $10 million in convertible preferred stock of Compute North and $21.3 million related to an unsecured senior promissory note with the firm, according to a monthly report released by Marathon on Thursday. The miner has also paid approximately $50 million in operating deposits to Compute North entities for its hosting services.