U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors.
The firm filed forChapter 11 bankruptcy at a court in theEastern District of Washington on Monday, revealing that it still owes its biggest 20 unsecured creditors nearly $7 million in court documents seen by CoinDesk.
Creditors include the utilities provider in its Douglas County base, having a claim of over $310,000, and electricity provider Neppel Electric, which is owed almost half a million dollars.
Giga Watt has estimated assets worth less than $50,000, whereas estimated liabilities are in the range of $1050 million, according to the court documents.
The corporation is insolvent and unable to pay its debts when due, r…
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