Compute North, a provider of bitcoin mining hosting services, has filed for Chapter 11 bankruptcy protection in the federal court. It stated that after paying any management fees, it will not be able to distribute any funds to unsecured creditors. The company is currently stabilizing its business and implementing a comprehensive restructuring Chance. The company's estimated liabilities and estimated assets range from $100 million to $500 million, the documents show. In February this year, Compute North completed US$385 million in equity and debt financing, of which US$85 million in Series C equity financing was jointly led by Mercuria and Generate Capital, with participation from National Grid Partners, a subsidiary of National Grid, and US$300 million in debt financing from Generate Capital. Funds raised will be used to open new hosting facilities in Nebraska, North Carolina and Texas, among others.