Bitcoin mining firm Giga Watt files for bankruptcy owing millions

posted 25 days ago
US based Bitcoin mining firm Giga Watt declared bankruptcy with millions owed to creditors. The firm filed for Chapter 11 business bankruptcy at a court in the Eastern District of Washington, revealing that it owes its biggest 20 unsecured creditors ~$7 million.

Creditors include the utilities provider for Douglas County, having a claim of over ~$300,000, and Neppel Electric which is owed ~$500,000. Giga Watt's estimated assets are worth ~$50,000, whereas estimated liabilities are in the range of $10–50 million, according to court documents. A director owning more than 10 % of the mining firm, Andrey Kuzenny held a meeting and concluded: “The corporation is insolvent and unable to pay its debts when due.”
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