Bitcoin mining firm Giga Watt files for bankruptcy

Giga Watt, a bitcoin mining cloud service provider, has filed for Chapter 11 bankruptcy. Court filings show that Giga Watt owes its 20 largest unsecured creditors nearly $7M. The firm reportedly has less than $50,000 in estimated assets and liabilities in the range of $10-$50M. Giga Watt held an initial coin offering  in 2017 and raised $20M to fund its operations. In January 2018, investors sued the mining firm for conducting an unregistered securities offering. (Source: CoinDesk)

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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