Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Compute North - flying high just months ago - now part of crypto bankruptcy wave

 

November 28, 2022

Terry A. Ratzlaff

Compute North is losing control of its cryptocurrency center in Kearney, Neb.

In February, now-bankrupt Compute North looked to be on a fast track to an initial public offering.

The Eden Prairie-based company, co-founded by local tech entrepreneur Dave Perrill, had just raised $385 million to build state-of-the-art data centers for cryptocurrency miners. Bitcoin was booming. And the Super Bowl was rife with crypto ads.

Within months, bitcoin's price collapsed and a parade of crypto companies - including Compute North - went bust. As crypto cratered, Compute North's main lender pulled back and the company's ambitious growth plans unraveled, bankruptcy court records indicate.

https://www.startribune.com/compute-north-flying-high-just-months-ago-now-part-of-crypto-bankruptcy-wave/600230066/

 

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