Kitsap has a bitcoin mining company, and it’s in bankruptcy

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.

BC_Logo_Bitcoin miners (in my admittedly hazy understanding of the system) verify transactions made using the online currency, and unlock new virtual coins.

The WSJ reports Alydian sank $4 million into development of a mining platform but its “rigs” quickly became outdated.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.

 

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