EDEN PRAIRIE, Minn. — An Eden Prairie-based cryptocurrency mining firm, Compute North, has filed for chapter.

The information comes because the multibillion-dollar cryptocurrency business faces collapsing costs and lenders halting operations.

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In an announcement, the corporate mentioned the voluntary Chapter 11 proceedings have been initiated final week in america Chapter Courtroom for the Southern District of Texas.

The submitting reveals that Compute North owes as a lot as $500 million to no less than 200 collectors.

In line with the corporate, the transfer gives the corporate “the chance to stabilize its enterprise and implement a complete restructuring course of that can allow us to proceed servicing our clients and companions and make the mandatory investments to realize our strategic targets.”

Compute North’s web site says the corporate gives “scalable, cost-effective digital infrastructure options for extremely specialised computing wants. Pushed by trusted leaders with deep expertise in information facilities, know-how, and vitality; the corporate is redefining how companies are delivered for blockchain, cryptocurrency, and different distributed computing functions.”

The enterprise has amenities in Nebraska, South Dakota and Texas.

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