Bitcoin mining company NFN8 has filed for bankruptcy protection and is seeking to sell its assets

According to The Miner Mag, Bitcoin mining company NFN8 Group has announced that it has filed for Chapter 11 bankruptcy protection in Texas, USA, and plans to sell all its assets under court supervision.

Documents show that NFN8 is facing ongoing pressure on its operating cash flow due to a fire at its core mining facility, leasing pressures from its equipment sale-leaseback model, and a drop in hashprice to historical lows following the Bitcoin halving. The company disclosed that it operates multiple mining sites in Crystal City, Texas, and Iowa, with over 5,000 of its own mining machines. NFN8 expects its asset size to be below $50,000, with liabilities between $1 million and $10 million.