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Marathon Digital Reveals $81.3M Exposure To Compute North

Marathon Digital Reveals $81.3M Exposure To Compute North

  • Marathon does not build or manage its own mining facilities.
  • Marathon noted that the company has the flexibility to move its miners to other sites.

Marathon Digital, a Bitcoin mining company, reported $81.3 million in losses at the defunct data center Compute North in its most recent monthly report. The publicly listed mining company’s investments in the failed data center Compute North totaled $10 million in convertible preferred stock and $21.3 million in unsecured senior promissory notes.

Also, Marathon said that it had paid Compute North almost $50 million in operational deposits for hosting services, most of which were used in the company’s Wolf Hollow and King Mountain data centers in Texas. On September 22, the latter company filed for Chapter 11 bankruptcy, claiming increasing financial strain from crypto winter and high energy expenses.

Outsourcing From Compute North

Marathon Digital said that it “has not experienced any significant negative impacts on its operations at King Mountain” despite the data center’s financial troubles. To maintain its “asset light” strategy, Marathon does not build or manage its own mining facilities, instead contracting with other organizations like Compute North to do these duties.

However, Compute North reported “delays” at Wolf Hollow were “attributed to a regulatory matter.” Although activities are expected to go as planned, Marathon noted that the company has the flexibility to move its miners to other sites if necessary because of its asset-light business strategy.

With data centers in Texas, Nebraska, and South Dakota, Compute North is one of the top crypto-mining infrastructure providers in the world and recently secured $385 million in strategic capital in February. Compass Mining, Hive Blockchain, and Atlas Mining are among of the company’s other notable clients.

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Marathon reports $80M exposure to bankrupt mining firm

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This post was originally published on this site

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