RATE Group | Virginia Bitcoin Mining Operation Ordered to Liquidate Assets
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Virginia Bitcoin Mining Operation Ordered to Liquidate Assets

10 Oct Virginia Bitcoin Mining Operation Ordered to Liquidate Assets

Posted at 01:46h in Bitcoin News by

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BCause Mining, a Bitcoin (BTC) mining operation in the city of Virginia Beach in the United States, was ordered to liquidate its assets. 

In an Oct. 9 article, local news outlet the Virginian-Pilot reported that the Bitcoin mining company filed for bankruptcy earlier this year. This week, a federal judge approved the motion to convert the filing from a reorganization to a chapter 7 liquidation.

BCause Mining was ordered to liquidate its assets, shut down its operations and lay off its 27 full-time and four part-time workers.

Recoup $500,000 grant

The now-defunct mining company received a $500,000 grant in January 2018 from the city of Virginia Beach to expand its operations to a local rented warehouse. BCause had pledged to invest more than $60 million in a massive expansion, which would have made it the largest cryptocurrency mining operation in North America. 

Virginia Beach municipal spokeswoman Julie Hill said that the city will now consider filing a claim in bankruptcy court in…

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