Bitcoin Mining Firm NFN8 Group Files for Chapter 11 Bankruptcy in Texas

NFN8 Group, a Bitcoin mining company, has filed for Chapter 11 bankruptcy in Texas, aiming to sell its assets under court supervision. According to NS3.AI, the company has been under financial pressure due to a fire at a key mining facility, challenges with equipment leases, and a significant decline in hashprice following the Bitcoin halving. NFN8 operates several sites in Texas and Iowa, utilizing over 5,000 mining rigs. However, the company is facing liabilities ranging from $1 million to $10 million, while its assets are valued at less than $50,000.