RATE Group | Bitcoin Pioneer Files For Bankruptcy
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Bitcoin Pioneer Files For Bankruptcy

25 Nov Bitcoin Pioneer Files For Bankruptcy

Posted at 19:43h in Bitcoin News by

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Washington State bitcoin mining pioneer GigaWatt filed for bankruptcy this week in a suspected bid to sell the company. The move follows the departure, in August, of the company’s co-founder, David Carlson.

From Bedroom to World’s Biggest Bitcoin Mine

Carlson started mining bitcoin as a hobby back in 2012 and saw the potential of cheap hydro-electric power in the state. A former Microsoft engineer, Carlson built the world’s largest bitcoin mine in an old furniture store in Wenatchee in 2013.

The benefit of the reduced energy costs quickly became felt and the company expanded to offer hosting services to other miners. In central Washington, electricity sells for less than a quarter of the national average.

Bitcoin Boomtown

In 2017, as the bitcoin price exploded, GigaWatt planned a multi-million dollar expansion on a nine-acre plot in Douglas County. Local authorities supported the scheme to create 24 prefabricated ‘pods’ where miners could set up their operations.

The…

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