Bitcoin miner Marathon explores Compute North bid: Bloomberg

Mining

Marathon Digital Holdings Inc. has employed advisers to assist navigate a possible bid for its companion Compute North, a troubled crypto miner presently going by chapter, in response to Bloomberg.

Marathon CEO Fred Thiel instructed Bloomberg his firm had employed Guggenheim Companions and legislation agency Weil Gotshal & Manges to advise on each its publicity to Compute’s chapter and a possible bid for the bankrupt knowledge middle.

Marathon makes use of an “asset-light technique,” which requires it to make use of third-party corporations that possess the equipment and infrastructure to mine cryptocurrency, Bloomberg stated.

The Las Vegas-based miner recorded a loss for the third quarter thanks partly to an impairment cost of $39 million linked to Compute North’s chapter, the report additionally stated.