Compute North will sell some assets to Foundry
The total capacity of the acquired facilities, located in South Dakota and Texas, will be 17 MW.
Compute North was notified in September that it would be unable to meet up to $500 million in commitments. Since then, the sale of the assets to other interested entities, including Generate Capital, has begun.
The terms of the deal spell out that Foundry gets the right to the Nebraska facility, which Compute North owns. The agreement also covers equipment and intellectual property.
Foundry CEO Mike Collier:
We see our mission as strengthening our digital asset infrastructure and supporting miners through all stages of the market cycle. We have a long-standing partnership with Compute North and are excited to continue building on the foundation that was laid several years ago.
As a reminder, Foundry is the parent company of CoinDesk and a subsidiary of DCG.