BCause Mining Ordered To Liquidate Assets 

Hey ninjas, how’s the trading going? On the day the crypto market is trading sideways. Bitcoin is reporting 5.44% gains in the last 24 hours and is trading at $8,621 at press time. Ethereum is also reporting gains over 6.34% on the day and is trading at $192 at press time while others like XRP and EOS are reporting losses of 0.43% and 0.71%. 

BCause mining is a Bitcoin mining firm located in Virginia Beach in the United States. The company reportedly received a $500,000 grant from the city of Virginia to expand mining operations to a rented warehouse, BCause initially pledged to invest over $60 million to fund a massive expansion which would have made the firm the largest crypto mining firm in North America.

The Virginian-Pilot (local news outlet) reported in an article on the 9th of October that BCause mining filed for bankruptcy early 2019 and the motion to convert the previous filing from a reorganization to a “chapter 7 liquidation was approved this week by the federal judge.

As such, BCause has been ordered to shut down its operations and lay off all workers. Julie Hill, a Virginia Beach spokeswoman said that in an attempt to recover some of the money granted to BCause, the city is considering filing a claim in bankruptcy court.  

Don’t always forget to holla at Ninja Discord anytime to talk about cryptocurrency. You can as well check out our exclusive Ninja coin giveaways and Trading View analysis. 

Leave a comment

Please note, comments must be approved before they are published