Large U.S. investor has invested hundreds of millions of dollars in bitcoin miners

Generate Capital is buying Compute North’s bitcoin mining facilities.
There was only one bidder to buy Compute North’s large bitcoin mining facilities at a November 1 auction, Generate Capital. The company won the auction, agreeing for $5 million to enter into ownership of the 300-megawatt sites in Wolf Hollow, Texas, and the 100-megawatt site in Kerry, Nebraska.
Such a small amount is due to the fact that along with these sites to Generate Capital goes the obligation to pay off the debts of Compute North in the amount of about $ 500 million. For Generate Capital, the decision to make such a move is a strategic one. The fact is that this company in February provided Compute North with loan financing worth $300 million for the construction of just these two sites.
At the end of September Compute North filed for its own bankruptcy and in accordance with Article 11 of the US law on financial insolvency was allowed to continue operating for a while to have a chance to resume its solvency. During this period, Compute North was accordingly protected from the actions of creditors, of which Generate Capital is one.
Compute North said that the financial difficulties arose this year because of the rising price of electricity in the U.S., and because it took time for the two new data centers to reach the break-even point and bring profit. It can be seen that Compute North generally had the funds to pay off its liabilities, but it chose the path of applying Chapter 11 of the U.S. financial insolvency law.
Notably, for Generate Capital, the decision to actually become a major bitcoin miner Is is fundamental: the company has large financial resources and invests hundreds of millions of dollars in various projects focused on “green energy,” particularly in the development of solar power plants.
The fact that it is Generate Capital becoming a bitcoin miner shows that global mining is not only increasingly moving towards “green energy,” but also confirms the thesis that the bitcoin mining industry is driving the development of solar and hydroelectric power plants.

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