Miner Compute North Sells $5M in Assets to Former Lender

Generate Capital has recently acquired two data centers of provider of infrastructure solutions for cloud mining Compute North for $5 million.

The mining company filed for bankruptcy in September and started developing a plan to restructure its operations. Its liabilities to 200 counterparties are valued at $500 million, and its assets range from $100 million to $500 million.

The auction for the sale of Wolf Hollow (Texas) and Kearney (Nebraska) failed due to lack of buyers. Only Generate Capital made an offer, and the bankruptcy court has already approved the deal.

In February, Compute North raised $385 million to develop new data centers in the United States. Of that amount, $85 million was received in a Series C financing round, and the firm received the remaining $300 million in debt financing from Generate Capital.