🔌 Bitcoin mining firm giga watt declares bankruptcy

U.S. based crypto mining firm Giga Watt has filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington revealing estimated assets worth less than $50,000, with estimated liabilities in the range of $10–50 million. According to the filing the firm still owes its 20 largest creditors nearly $7 million but is “insolvent and unable to pay its debts when due.” Giga Watt planned to open up the industry to smaller scale miners by creating customized mining “pods” along with a cheap and stable electricity supply and round-the-clock maintenance at a facility in central Washington.