Rhodium, a mining company that filed for Chapter 11 bankruptcy protection in August, has announced that co-CEO Nichols will be resigning from his position effective after the new year. This development comes as the company navigates the aftermath of a deteriorated relationship with Riot, which severely impacted its mining operations.
**Background on Rhodium’s Bankruptcy**
Rhodium’s financial struggles began in 2023, leading to its inability to repay loans owed to investors. As a result, the company filed for Chapter 11 bankruptcy protection in August. The bankruptcy court subsequently approved the auction of Rhodium’s Bitcoin mining assets located at the Temple site.
**Auction of Rhodium’s Assets**
In a recent court update on November 26, it was revealed that Temple Green Data LLC, Rhodium’s landlord at the Temple site, won the bid to purchase the company’s power agreement and infrastructure for $40.6 million in cash. This includes a purchase price of $35 million and the return of $5.6 million in earnest money.
Source: M.theblockbeats.info
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