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.

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