Bitcoin miner Marathon explores Compute North bid: Bloomberg

Quick Take

  • CEO Fred Thiel told Bloomberg he’s hired advisers to determine both its exposure to Compute North’s bankruptcy and a potential bid for the bankrupt firm.
  • Marathon’s poor third-quarter earnings were partially tied to a $39 million impairment charge linked to Compute.

Marathon Digital Holdings Inc. has hired advisers to help navigate a potential bid for its partner Compute North, a troubled crypto miner currently going through bankruptcy, according to Bloomberg.

Marathon CEO Fred Thiel told Bloomberg his company had hired Guggenheim Partners and law firm Weil Gotshal & Manges to advise on both its exposure to Compute’s bankruptcy and a potential bid for the bankrupt data center.

Marathon utilizes an “asset-light strategy,” which requires it to use third-party companies that possess the machinery and infrastructure to mine cryptocurrency, Bloomberg said.

The Las Vegas-based miner recorded a loss for the third quarter thanks in part to an impairment charge of $39 million linked to Compute North’s bankruptcy, the report also said.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.


To contact the editor of this story:
Madhu Unnikrishnan at
[email protected]