Bitcoin Mining firm goes bankrupt

[Don Pedro Dinero]

What do you think of this? Is this the first one and more will come or is it just a badly managed firm?

https://www.coindesk.com/bitcoin-mining-firm-giga-watt-declares-bankruptcy-owing-millions

"U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors.

The firm filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington on Monday, revealing that it still owes its biggest 20 unsecured creditors nearly $7 million in court documents seen by CoinDesk.

Creditors include the utilities provider in its Douglas County base, having a claim of over $310,000, and electricity provider Neppel Electric, which is owed almost half a million dollars.

Giga Watt has estimated assets worth less than $50,000, whereas estimated liabilities are in the range of $10–50 million, according to the court documents."

It held an ICO and was ANNounced on this forum.

Another thread makes me think that it is due to management, as the company was acused of being a scam, but the problem is, how many more are out there?

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[jackg]

It’s bad management,

Look at the total value of assets compared to how much they owe. It’s as if they set antminer s1s to mine with that much of.a bill )unless of course, someone has made off with the miners).

[Jet Cash]

I'm tempted to try to buy a cheap mining rig. There are rumours of miners using wheelbarrows to dump them.

[Stedsm]

@OP,
There have been a few mining-based firms (not companies making these mining equipment or giving electricity hosting services) like hashflare that had exit scams and most have been done with the purpose of scamming people and running away with their money. Those who were good at paying, were stopped mostly due to mismanagement and no plans for future when Bitcoin surged in price (and even no plans for BTC price drops).

Their mining equipment inventory shows "No Products Found", so shall we consider them out of stock for that part?

I'm tempted to try to buy a cheap mining rig. There are rumours of miners using wheelbarrows to dump them.

I wish they may show up with an auction for all their mining stuff and sell them for lower prices, at least they'll get some capital to start off something else and try paying their investors back (but that's next to impossible, still as crypto itself has turned many investments into 1000x and made billionaires, anything may happen).

[WhyFhy]

@OP,
There have been a few mining-based firms (not companies making these mining equipment or giving electricity hosting services) like hashflare that had exit scams and most have been done with the purpose of scamming people and running away with their money. Those who were good at paying, were stopped mostly due to mismanagement and no plans for future when Bitcoin surged in price (and even no plans for BTC price drops).

Their mining equipment inventory shows "No Products Found", so shall we consider them out of stock for that part?

I'm tempted to try to buy a cheap mining rig. There are rumours of miners using wheelbarrows to dump them.

I wish they may show up with an auction for all their mining stuff and sell them for lower prices, at least they'll get some capital to start off something else and try paying their investors back (but that's next to impossible, still as crypto itself has turned many investments into 1000x and made billionaires, anything may happen).

Saw a video of this on twitter, they are not even stacking them just dumping them probably messing them up in process

[jackg]

I'm tempted to try to buy a cheap mining rig. There are rumours of miners using wheelbarrows to dump them.

I have energy included in rent, let’s do it!

[paxmao]

I'm tempted to try to buy a cheap mining rig. There are rumours of miners using wheelbarrows to dump them.

I have energy included in rent, let’s do it!

Have you got also a long term agreement? Eviction in 3, 2, 1.....

[jackg]

I'm tempted to try to buy a cheap mining rig. There are rumours of miners using wheelbarrows to dump them.

I have energy included in rent, let’s do it!

Have you got also a long term agreement? Eviction in 3, 2, 1.....

Yes, I have to abide by an aup and a tenancy agreement. Neither of which state anything to do with the consumption of electricity. The only thing on internet usage is essentially “don’t intentionally dos the WiFi”.

[paxmao]

I'm tempted to try to buy a cheap mining rig. There are rumours of miners using wheelbarrows to dump them.

I have energy included in rent, let’s do it!

Have you got also a long term agreement? Eviction in 3, 2, 1.....

Yes, I have to abide by an aup and a tenancy agreement. Neither of which state anything to do with the consumption of electricity. The only thing on internet usage is essentially “don’t intentionally dos the WiFi”.

It´s like a dream! It is only comparable to a guy I know that is mining in a state subsidised accommodation, including power.

[sinkfish]

What do you think of this? Is this the first one and more will come or is it just a badly managed firm?

https://www.coindesk.com/bitcoin-mining-firm-giga-watt-declares-bankruptcy-owing-millions

"U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors.

The firm filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington on Monday, revealing that it still owes its biggest 20 unsecured creditors nearly $7 million in court documents seen by CoinDesk.

Creditors include the utilities provider in its Douglas County base, having a claim of over $310,000, and electricity provider Neppel Electric, which is owed almost half a million dollars.

Giga Watt has estimated assets worth less than $50,000, whereas estimated liabilities are in the range of $10–50 million, according to the court documents."

It held an ICO and was ANNounced on this forum.

Another thread makes me think that it is due to management, as the company was acused of being a scam, but the problem is, how many more are out there?

either its bad management or money-scape.