Top US mining farm Giga Watt files for bankruptcy

According to Sanyan Finance, Giga Watt, a top mining farm in the United States, recently filed for Chapter 11 bankruptcy protection with the Federal Court for the Eastern District of Washington, stating that its assets were less than $50,000 and that it owed nearly $70 million to its largest creditor.

The company's managing director George Turne said the bankruptcy process was initiated by the company's board of directors and did not go through his office. According to previous reports, the company had already cut its staff from 63 to 16 in September this year.