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Bankrupt Bitcoin Miner Giga Watt Forced To Cease Day-to-day Operations

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Bitcoin mining firm Giga Watt Inc., which has voluntarily filed for bankruptcy, announced that both access and power to its facilities have been closed to the company, and the day-to-day operations have stopped.

In a note to its clients, the company said that its operations had continued until now after filing with the Bankruptcy Court in November 2018, seeking debt relief and reorganization.

Regarding the mining equipment, the company said some shipments to customers, whose equipment had already been removed from the facilities prior to lockouts, are remaining. The customers will get tracking emails within the next 2 weeks. The lack of an email means that the equipment remains in the locked facilities and any related information will not be known, or available, pending current legal proceedings.

The note also said that those who have completed their know-your-customer verification will be able to withdraw any cryptocurrency remaining in their wallets until March, accessed through the Giga Watt customer dashboard.

Giga Watt reportedly owes 20 unsecured creditors nearly $7 million, including around $800,000 to electricity providers. It was reported that some employees have not been paid since July 2018.

According to CoinDesk, the company, within a week of its initial bankruptcy filing, increased the value of its assets to $10 million and $50 million from its previously stated $0-$50,000 range.

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