{"id":1476,"date":"2022-11-04T11:19:30","date_gmt":"2022-11-04T11:19:30","guid":{"rendered":"https:\/\/cryptoteambuild.com\/blog\/bitcoin-mining-host-compute-north-paid-executives-3m-on-the-day-it-declared-bankruptcy\/"},"modified":"2022-11-04T11:19:30","modified_gmt":"2022-11-04T11:19:30","slug":"bitcoin-mining-host-compute-north-paid-executives-3m-on-the-day-it-declared-bankruptcy","status":"publish","type":"post","link":"https:\/\/cryptoteambuild.com\/blog\/bitcoin-mining-host-compute-north-paid-executives-3m-on-the-day-it-declared-bankruptcy\/","title":{"rendered":"Bitcoin Mining Host Compute North Paid Executives $3M on the Day It Declared Bankruptcy"},"content":{"rendered":"
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Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Executives at Compute North, which provides data centers where bitcoin (BTC) miners can host their machines, received about $3 million in payroll and bonuses on the same day the company filed for bankruptcy, a court filing<\/a> shows.<\/p>\n<\/div>\n

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Compute North filed for Chapter 11<\/a> on Sept. 22, succumbing to the rout in cryptocurrency prices and rising electricity costs. But even as that bankruptcy filing put a freeze on payments to creditors, executives received large payouts.<\/p>\n<\/div>\n

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The company paid co-founder and former CEO Dave Perrill $613,000 for payroll and benefits, according to the filing. Former Chief Financial Officer Tad Piper got $541,000 three months after he left the company, President Edward Drake Harvey III and Chief Commercial Officer Kyle Wenzel got about $500,000 each, former Chief Technology Officer Nelu Mihai received $340,000, Chief Legal Officer Jason Stokes was paid $325,000 and newly appointed Chief Financial Officer Harold Coulby received about $250,000, the filing shows.<\/p>\n<\/div>\n

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The document also reveals a series of companies owned at least partially by Perrill with which Compute North did business. These companies received around $350,000 in payments in the past year for leasing office space and services.<\/p>\n<\/div>\n

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Compute North representatives did not respond to CoinDesk’s request for comment.<\/p>\n<\/div>\n

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The company’s collapse into bankruptcy has reverberated across an industry that is already struggling amid a sluggish bitcoin price and high energy prices. Two other major mining firms, Core Scientific<\/a> (CORZ) and Argo Blockchain<\/a> (ARBK), said in the past week that they might soon become cash flow negative.<\/p>\n<\/div>\n<\/div>\n

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Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n

Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia. Executives at Compute North, which provides data centers where bitcoin (BTC) miners can host their machines, received about $3 million in payroll and bonuses on the same day the company filed for bankruptcy, a court filing shows. Compute North filed for Chapter 11 on Sept. 22, succumbing to the rout in cryptocurrency prices and rising electricity costs. But even as that bankruptcy filing put a freeze on payments to creditors, executives received large payouts. The company paid co-founder and former CEO Dave Perrill $613,000 for payroll and benefits, according to […]<\/p>\n","protected":false},"author":1,"featured_media":1477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[18,46],"_links":{"self":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/1476"}],"collection":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/comments?post=1476"}],"version-history":[{"count":0,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/1476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media\/1477"}],"wp:attachment":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media?parent=1476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/categories?post=1476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/tags?post=1476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}