Giga Watt to Declare Bankruptcy

Mining company ows million of dollars to investors
21 November 2018   1573

The American mining company Giga Watt filed bankruptcy documents in a court of the Eastern District of Washington, CoinDesk reports.

Giga Watt's lenders include approximately 20 companies, including utilities and electricity providers. The total liabilities range from 10 to 50 million US dollars. At the same time, the company's assets are estimated at only $ 50 thousand.

According to Crypto News, in August 2018, the company reduced its staff from 63 to 16.

Giga Watt was founded by bitcoin miner Dave Carlson. In May, the company held a tokensale during which it managed to raise $ 22 million.

The company raised funds for the launch of mining and the creation of a vault for cryptocurrency. In exchange for the investment, investors should have received either Giga Watt tokens or mining equipment. Tokens would give investors exclusive rights to use the company's premises without a lease for 50 years.

However, at the beginning of this year, it became known that a class action was filed against Giga Watt, in which the company was accused of conducting an unregistered offer of securities. Also, the lawsuit states that the construction deadlines were not met, and promises to refund the funds were not fulfilled.

SBI Holdings & GMO Internet to Use Largest BTC Farm

The companies allegedly made a deal with Whinstone Inc., that is going to launch almost 100 acres big mining farm in Texas soon
08 January 2020   121

Japanese financial conglomerate SBI Holdings and IT giant GMO Internet intend to mine bitcoins at the world's largest mining farm in Texas, Bloomberg reports citing sources familiar with the situation.

The companies allegedly made a deal with Whinstone Inc., a Northern Bitcoin subsidiary building a data center near Rockdale, to start cooperation in the coming months. Such a partnership is expected to help Northern Bitcoin attract more large investors.

Nevertheless, company representatives declined to comment on the information on cooperation.

As you may remember, Northern Bitcoin signed a merger agreement with Whinstone last November.

According to plans, after the construction is completed, the maximum capacity of the data center will reach 1 GW, and the facility itself will occupy an area of ​​more than 40 hectares, which is equivalent to 57 football fields.