The firm has filed for bankruptcy in the Southern District of Texas.
The U.S. Bitcoin miner has debts of $50 million to $100 million, and the total assets of Rhodium Enterprises are estimated from $100 million to $500 million. The bankruptcy petition includes six subsidiaries, namely Rhodium Encore, Jordan HPC, Rhodium JV, Rhodium 2.0, Rhodium 10MW and Rhodium 30MW.
The company’s financial difficulties have been exacerbated by declining profits for Bitcoin miners, especially after the last halving. The reduction in miner rewards, coupled with higher electricity prices, has further reduced the size of miners’ profits.
In July, Rhodium Enterprises failed to repay loans worth $54 million. In 2021, the company raised $78 million in…
