SAN FRANCISCO—Turns out, basically no one wants to buy the remaining assets of a troubled Bitcoin miner manufacturer that owes over $40 million to upset customers all over the world.
Last Friday, a federal bankruptcy judge approved a joint statement from HashFast and its creditors (read: those angry customers). Originally, the parties had agreed to hold an auction the day before, but according to a court filing, all the received bids were considered to be “lowball,” and the auction was cancelled.
HashFast’s execution problems appear to be endemic to many of its rivals, including Butterfly Labs (which is also facing its own civil suit brought by the Federal Trade Commission) and venture-backed CoinTerra. These companies are frequently unable to deliver mining hardware on time and either significantly delay or outright deny to issue refunds. Of course, in the world of Bitcoin, mining becomes harder over time, so miners quickly diminish in value.
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