A Kitsap-based bitcoin mining company is making national headlines for the wrong reasons.
Alydian, a Bainbridge Island startup, has filed for Chapter 11 bankruptcy and is trying to unload its computer equipment, according to The Wall Street Journal.
Bitcoin miners (in my
admittedly hazy understanding of the system) verify transactions
made using the online currency, and unlock new virtual coins.
The Bitcoin UP Test Erfahrungen reports Alydian sank $4 million into development of a mining platform but its “rigs” quickly became outdated. The company filed for bankruptcy in November.
Documents filed in a U.S. District Court in New York, and posted by The WSJ, offer a glimpse inside the volatile mining industry.
Alydian is an offshoot of Seattle-based CoinLab. It lists its address as 900 Winslow Way East, Suite 100.
