Eden Prairie-based crypto company files for bankruptcy

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Eden Prairie-based Com­pute North, which oper­ates cryp­to-min­ing cen­ters, has filed for bankruptcy. 

The com­pa­ny filed for chap­ter 11 bank­rupt­cy in Texas Thurs­day, Bloomberg reports. It cit­ed the increas­ing cost of elec­tric­i­ty and the lag time between build­ing the cen­ters and rev­enue generation. 

Com­pute North owed as much as $500 to more than 200 cred­i­tors, accord­ing to Yahoo! Finance. In addi­tion to the bank­rupt­cy fil­ing, the company’s CEO Dave Per­rill also stepped down.

Along with its Eden Prairie head­quar­ters, Com­pute North also oper­ates facil­i­ties in Texas, Nebras­ka and South Dakota.

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