US-based bitcoin mining firm ordered to liquidate its assets

US-based bitcoin mining firm BCcause has been ordered by a US court to liquidate its assets. The company filed for bankruptcy earlier this year. Federal Judge has now allowed the mining firm to liquidate its assets. The bitcoin mining firms owe $13.3 million to its creditors, which include the company's executives, its landlord, and US Customs and Border Protection.

According to the Virginia Pilot report, BCause Mining LLC, a bitcoin mining firm based in the US city of Virginia Beach, was ordered by a federal judge to liquidate its assets to compensate its creditors. Earlier, the bitcoin mining firm filed for Chapter 11 bankruptcy after losing a lawsuit filed by Wesco Distribution, one of its primary vendors, for owing $1.9 million to it.

In January last year, BCause received a grant of $500,000 from the city of Virginia Beach to expand its operation to a rented warehouse. At the time, the company was looking to become the largest crypto mining firm in North America.

The company went downhill after it faced a lawsuit from one of its primary vendor for owing $1.9 million to it. And at the same time, the company had to come to a settlement with its electricity provider Dominion Energy for an unpaid bill of $1.7 million.

The bitcoin mining firm has many creditors that it owes money to, including its executives, landlord, US Customs, and Border Protection. In total, the company owes more than $13.3 million to its creditors.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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