Bitcoin Mining Company NFN8 Files for Bankruptcy Protection, Seeks Asset Sale

Odaily News: Bitcoin mining company NFN8 Group announced that it filed for Chapter 11 bankruptcy protection in Texas, USA, on February 2nd, planning to sell all its assets under court supervision. Documents reveal that NFN8 has been under sustained pressure on its operating cash flow due to a fire at its core mining facility, lease pressures from its equipment sale-leaseback model, and the hashprice dropping to a historical low after the Bitcoin halving. The company disclosed that it operates multiple mining facilities in Crystal City, Texas, and Iowa, owning over 5,000 proprietary mining rigs. NFN8 estimates its asset size to be below $50,000, with liabilities ranging from approximately $1 million to $10 million.