Mining Closures Reveal Recurring Bitcoin Bear Market Trend

Another bitcoin miner this week shut down its operations, though the news didn’t come as much of a shock. The latest closure, of U.S.-based Giga Watt which went bankrupt last year, follows a trend among large mining operations that stretches back years.

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Bankruptcy to Closure

After declaring bankruptcy last year, Giga Watt, which launched in 2017, announced in a Telegram message that it would be ceasing all operations. “As was reported in November of 2018, Giga Watt voluntarily filed with the Bankruptcy Court seeking debt relief and reorganization,” the message read. It added:

“Subsequent to the filing, day to day operations continued until now. At present, both access and power to the facilities in which Giga Watt operates have been closed to the company.”

The mining firm Giga Watt filed for bankruptcy at a court in the Eastern District of Washington in November, stating that it still owes its biggest 20 unsecured creditors nearly $7 million. Despite continuing to operate until Tuesday, the firm said it would not be able to refund those who had invested in its WTT token.

But Giga Watt said it would be returning mining equipment to some of its customers, adding: “Customers will receive an email notification within the next two weeks with the tracking information for their shipments.”


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