According to Cointelegraph, Bitcoin mining company Rhodium Enterprises has filed for voluntary bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas, with debts of up to $100 million. The application was filed on August 24 and involves six subsidiaries: Rhodium Encore, Jordan HPC, Rhodium JV, Rhodium 2.0, Rhodium 10MW and Rhodium 30MW. The document shows that the company's debt is between $50 million and $100 million, and its total assets are estimated to be between $100 million and $500 million. Rhodium previously failed to repay a $54 million loan and raised $78 million in loans for its subsidiaries in 2021. Despite proposing two debt restructuring plans, disagreements between stakeholders led to a default. Under Chapter 11 voluntary bankruptcy, the company will be able to restructure its debt while continuing to operate. Other Bitcoin mining companies have sought similar protection, such as Core Scientific, which filed for bankruptcy in December 2022 and emerged from bankruptcy in early 2024. Rhodium is also facing a lawsuit from competitor Rio Platforms, which is seeking to recover more than $26 million in unpaid fees. In addition, JPMorgan reported that Bitcoin mining profits have dropped significantly due to the halving event in April, and rising electricity prices have further exacerbated the financial pressure on miners. Rhodium has selected law firm Quinn Emanuel Urquhart & Sullivan as general bankruptcy counsel and Province as restructuring counsel.