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.