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.