Troubled Data Center Compute North Struggled With Crypto Winter. Then Its Relationship With a Major Lender Soured
In July, the lender asserted several “technical events of default,” which led to taking control of Compute North assets. Generate Capital exercised its voting rights to take over Compute North subsidiary that owned the two bitcoin mining sites the two firms were developing. That included the Wolf Hollow site in Texas, slated to run at 300 megawatts (MW) capacity initially and 600 MW at a later stage, which would make it the miner’s biggest operation. Because Generate Capital has already seized assets, it is not counted among the current creditors.