Bitcoin mining company Rhodium Enterprises files for bankruptcy

Bitcoin mining has been an extremely challenging business lately, partly due to volatile crypto prices in recent years and the decrease in miner rewards following the April halving event.

Rhodium Enterprises has shown signs of trouble, including defaulting on scheduled loan payments earlier this month. In December 2023, a dispute between them and a subsidiary of bitcoin mining group Riot Platforms culminated in the removal of Rhodium employees by armed security from a bitcoin mining facility in Rockdale, Texas, where Rhodium was leasing bitcoin miners. The case was later referred to arbitration.