Crusoe Purchases $1.55 million Worth of Assets From Bankrupt Compute North

Crusoe Energy Systems will pay about $1.55 million for 11 containers that are being sold by bitcoin mining hosting company Compute North.

According to paperwork submitted on Wednesday, the sale was authorized by the Houston Division of the Southern District of Texas’s bankruptcy court.

According to the petition, Crusoe had already made a deposit of $187,000 on October 28. Before the deadline, the company did not receive any additional eligible bids.

Crusoe has been on a buying spree, also acquiring its rival Great American Mining in October and electrical producer Easter-Owens Electric Co. in July, as other businesses in the bitcoin mining sector struggle with liquidity and are forced to sell off assets.

The Denver-based startup uses natural gas that would otherwise be vented to power modular data centers. It recently completed a $505 million Series C financing to fund the expansion of its mining business.

In September, Compute North declared bankruptcy under Chapter 11 and stated that its estimated assets and liabilities ranged from $100 million to $500 million. Additionally, it recently reached a $5 million deal to sell two mining facilities to its former backer Generate Capital.