News

Marathon Won’t Bid On Compute’s Assets, CEO Confirms

Crypto miner Marathon has decided not to purchase any assets from failing hosting company Compute North, according to the company CEO.

According to Bloomberg, Marathon previously engaged counsel to help manage a prospective purchase for its partner Compute North, a problematic crypto miner presently in bankruptcy.

Marathon CEO Fred Thiel, according to recent reports corroborated by The Block, claims this is not the case.

“We were prepared to bid on the King Mountain asset … in order to protect our interests if necessary — which in the end it wasn’t.”

Fred Thiel

According to a bankruptcy court ruling sanctioning the deal, Compute North agreed to sell its portion of the partnership to US Data King Mountain at an auction on November 15. According to Thiel, this business is a subsidiary of data center developer US Bitcoin Corp.

“We wanted to make sure a competitor did not win the bid,” he also said.

Marathon spent $31.3 million in Compute North. It invested $10 million in convertible preferred stock of Compute North Holdings, Inc and $21.3 million related to an unsecured senior promissory note with Compute North LLC. Additionally, the company paid Compute North entities a total of $50 million in operating deposits.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

17 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.