• Advertise
  • Submit a Press Release
  • Contact Us
Blockchain & Cryptocurrencies Tabloid
  • Finance & Blockchain News
  • Bitcoin News
    dynamic stock exchange painting

    Red Light Holland Acquires 10,600 BlackRock Bitcoin ETF Shares

    bitcoin future metamorphosis

    Red Light Holland Acquires Shares in Bitcoin ETF

    jane street traders oil painting

    Jane Street Expands Bitcoin ETF Position to $3.4 Billion

    goldman sachs evening oil

    Goldman Sachs Increases Bitcoin Holdings to $470 Million

    goldman bitcoin exposure skyline

    Goldman Sachs Expands Bitcoin Holdings to $470 Million

    futuristic dubai bitcoin skyline

    UAE Becomes Fourth-Largest State Bitcoin Holder

  • Altcoin News
    • All
    • Bitcoin Cash
    • Cardano
    • EOS
    • Ethereum
    • Litecoin
    • Monero
    • Ripple
    • Stellar
    cryptocurrency art solana eth

    Solana Challenges Ethereum in Stablecoin Market

    xrp futures market oil painting

    XRP Futures Hit $1B OI Milestone Sooner Than Ever

    ai driven financial skyline

    JPMorgan Invests $500M in AI Hedge Fund Numerai

    pantera solana financial artwork

    Pantera Capital Plans $1.25B Solana Company Raise

    skeptical shiba coin growth

    Analysts Predict 540% Jump for Shiba Inu

    journalist checks etf documents

    Bitwise Files for First Spot Chainlink ETF with SEC

    Trending Tags

    • Ethereum
    • Bitcoin Cash
    • Litecoin
    • Monero
    • Ripple
  • Crypto 101
    • All
    • Cryptocurrencies
    • Exchanges
    • Services
    • Wallets
    Benefits Of Choosing the Right AI Trading Bot

    4 Benefits Of Choosing the Right AI Trading Bot

    Crypto Trading

    A Beginner’s Guide to Crypto Trading: Unlocking the World of Digital Coins

    BitcoinGames.com

    BitcoinGames.com Introduces the Ultimate Casino Gaming Experience with Bitcoin

    How AI is Helping Athletes and Fans Get the Most out of the Game

    From Training to Judging, AI is Entering the Ring

    Top 5 Websites for Buying Gift Cards with Crypto

    Clutch Savours – Gift Certificates You Can Buy with Crypto

    Layer 2 Blockchains

    Everything You Need To Know About Layer 2 Blockchains

  • Blockchain Events
No Result
View All Result
Blockchain & Cryptocurrencies Tabloid
No Result
View All Result

U.S. Based Bitcoin Mining Firm has Filed For Bankruptcy

Joshua T. by Joshua T.
November 21, 2018
in Latest News
Giga Watt

According to a recent report, Giga Watt, a U.S.-based bitcoin mining firm has declared bankruptcy. The firm is reportedly owing millions of dollars to creditors.

Giga Watt Filled for Chapter 11 Bankruptcy

Giga Watt, has reportedly filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington. The mining firm told the court that it is owing nearly $7 million to 20 unsecured creditors.

A notable mention on the list of the unsecured creditors includes the firm’s electricity provider Neppel Electric as well as the local utility provider. Neppel Electric is owed about $500,000 while the Douglas County utility provider is being owed a total sum of over $310,000.

As of the time of filling, Giga Watt has an estimated assets worth which is less than $50,000. Comparing this to its estimated liabilities which is standing at nothing less than $10 million, the company can not be savaged.

Before filing for bankruptcy, the company board of directors and owners had a meeting with investors of the company. At the meeting, the current state of the company was discussed, after which the decision to file for bankruptcy was reached. An excerpt from the minute of the meeting reads:

“The corporation is insolvent and unable to pay its debts when due. The corporation and its creditors would best be served by reorganization of the corporation under Chapter 11 of the Bankruptcy Code.”

According to information on the company’s official website, Giga Watt was founded by a bitcoin miner who goes by the name Dave Carlson. Dave had plans to open up the mining industry to smaller scale miners. He hopes to achieve this through the creation of customized mining “pods” “along with a cheap and stable electricity supply and round-the-clock maintenance at a facility in central Washington.”

Investors Asking for a Refund

In order to allow investors to buy a stake in the company’s services, he decided to hold an initial coin offering (ICO) in May 2017. The ICO helped Giga Watt, raise about $22 million-worth of cryptocurrency at the time.
Unfortunately, some of those who invested in the company decided to collect back their money simply because Giga Watt has failed to meet construction deadlines.

Previous Post

The Pros and Cons of Initial Coin Offerings (ICOs)

Next Post

MV Index Solutions, a VanEck Subsidiary Launches Index Tracking OTC Bitcoin Price

Joshua T.

Joshua T.

Related Posts

futuristic city digital heist

Crypto Hacks in 2025 Inflict Record $2.47 Billion Losses

by Adriana M.
August 27, 2025

$2.47 billion in cryptocurrency was stolen in 2025, setting a record for losses, reports CertiK.

cyber cityscape oil painting

Crypto Hacks in 2025 Surpass 2024, Reveal Weaknesses

by Solomon M.
August 27, 2025

CertiK reports $2.47 billion stolen in crypto via 344 hacks in H1 2025.

digital chaos oil painting

Crypto Hacks in 2025 Reach $2.47 Billion, CertiK Reports

by Solomon M.
August 27, 2025

CertiK reveals over $2.47 billion in crypto stolen via hacks in early 2025, impacting Ethereum and Lido Staked Ether.

futuristic crypto billboard art

Crypto Hacks Surge in 2025 with $2.47 Billion Stolen

by Solomon M.
August 27, 2025

Blockchain security firm CertiK reports $2.47 billion stolen in crypto hacks in 2025, highlighting vulnerabilities in Ethereum and Bybit exchange.

futuristic city crypto chaos 2025

Bybit Suffers $1.5 Billion Crypto Hack in 2025

by Anca F.
August 27, 2025

Massive $2.47B crypto stolen via hacks in 2025, impacting Ethereum.

cyber chaos oil painting scene

Crypto Theft Totals $2.47 Billion in 2025

by Solomon M.
August 27, 2025

Crypto hacks escalate with $2.47 billion stolen in 2025, CertiK reports.

We Recommend

Top Rated Casinos
Bitstarz Casino

BitcoinCasino.io
Top Crypto Betting
1xBit.com
Top Rated Exchanges
Binance Exchange

Bityard.com
Top Advertising Services
Coinzilla Display Network
Top Crypto Wallets
Ledger Nano X

  • Terms and Conditions
  • Privacy Policy
  • Advertise
  • About Us
  • Contact Us

© 2018-2019 theccpress.com by Brantell Media.

No Result
View All Result
  • Finance & Blockchain News
  • Bitcoin News
  • Altcoin News
  • Crypto 101
  • Blockchain Events

© 2018 - 2019 theccpress.com, a Brantell Media project.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.