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In July, the lender claimed several “technical events of default”, which led to the takeover of Compute North’s assets. Generate Capital exercised its voting rights to take over subsidiary Compute North which owned the two bitcoin mining sites the two companies were developing. This included the Wolf Hollow site in Texas, planned to operate at an initial capacity of 300 megawatts (MW) and 600 MW at a later stage, making it the largest mining operation. Because Generate Capital has previously seized assets, it is not a current creditor.

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