Compute North Files for Bankruptcy as Crypto-Mining Data Center Owes up to $500M

However, Hive decided to back out of the deal with Compute North, after seeing risk of higher power costs in Texas, president and chief operating officer, Aydin Kilic, told CoinDesk. “In doing our due diligence on the mining ecosystem in Texas, we saw the risk of rising power costs as well as the delays on the energization of new projects due to the new approval process required by ERCOT,” Kilic said. “While HIVE did travel to Texas on numerous occasions this year to explore business development, including to conduct technical diligence by visiting a Compute North operating Tier0 data center site, definitive agreements were not entered into, and HIVE currently operates in Canada, Sweden and Iceland,” he added.