Giga Watt Finally Shut Down Operations

Giga Watt Finally Shut Down Operations

bitcoin mining

Giga Watt, a popular U.S.-based bitcoin mining firm which recently filed for bankruptcy has been forced to shut down its operations. The exchange which has continued to function and mine despite filing for bankruptcy about two months ago confirmed the shutdown of its mining operations recently.

Giga Watt Revised its Asset Value

Giga Watt which recently filed for bankruptcy stating that its total asset value then was between the range of $0–$50,000 and that it was owing its biggest 20 unsecured creditors nearly $7 million, including around $800,000 to electricity, has released a revised statement increasing the value of its assets to $10 million and $50 million. This revise statement came about a week after the bankruptcy was filed.

Excerpt from the emails sent by the firm to its stakeholders and users of the mining platform reads: “at present, both access and power to the facilities in which Giga Watt operates have been closed to the company.”

The email also made it clear that customer who has taken all important steps toward verifying their accounts on the platform, (know-your-customer verification—KYC) will be able to withdraw any cryptocurrency remaining in their wallets until March.

The Faith of Giga Watt’s WTT Token Holders

Holders of the Giga Watt’s WTT token which was originally bought with bitcoin will not be getting any refunds. According to Kuzenny, one of the major stakes holder in the company, it is practically impossible to return these investments.

For customers who have mining equipment inside the facilities before the lockout, they will have to wait for the pending legal proceedings to get settled before they receive them. Customers who had equipment removed before the lockout, on the other hand, will be notified via email within the next two weeks.

The firm also promises to provide up to date information regarding the situations on the ground as it proceeds.