Compute North Hosting - Binding Letter of Intent
Company: Marathon Digital
What the later record shows
The date slipped
The staged hosting of 73,000 miners by March 2022 was not completed. In November 2022, further deployments were delayed by Compute North's bankruptcy, and Marathon later settled claims that included breach of the letter of intent.
“The Company’s understanding is that plans for additional deployments have been delayed due to uncertainties associated with the Compute North Bankruptcy.”
2022-11-13 · Marathon Digital 10-Q filed 2022-11-14 View cached copy (2026-09-13)Live source ↗
“On February 9, 2023, the Bankruptcy Court approved a settlement stipulation between us and Compute North”
2024-02-27 · Marathon Digital 10-K filed 2024-02-28 View cached copy (2026-08-31)Live source ↗
“(iii) claims arising from the breach of a letter of intent between us and Compute North LLC”
2025-03-02 · Marathon Digital 10-K filed 2025-03-03 View cached copy (2026-08-31)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Company entered binding letter of intent with Compute North to host 73,000 Bitcoin miners over staged implementation Oct 2021-Mar 2022, including $67 million bridge loan and up to $14 million expedite fees
Source (primary)
Marathon Digital 10-K filed 2022-03-10 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “On May 21, 2021, Marathon Digital Holdings, Inc. (the "Company") entered into a binding letter of intent with Compute North, LLC to host 73,000 Bitcoin Miners over a staged in implementation between October 2021 and March 2022...The Company will provide an 18 month bridge loan to Compute North of up to $67 million dollars...the Company has also agreed to pay up to $14 million in expedite fees for construction/electrical and supply chain expediting activities.”
How we checked this
Checked on October 11, 2026. The cited source supports part of this claim, but not all of it.
The 10-K supports the letter of intent, the 73,000 miners, the timing, and the expedite fees. It describes the bridge loan as up to $67 million in conditional tranches, with $30 million lent by year-end 2021, not as a $67 million loan.
Confirmed in the source:
- Marathon entered into a binding letter of intent with Compute North to host 73,000 Bitcoin miners
- The hosting was to be implemented in stages from October 2021 through March 2022
- Marathon agreed to pay up to $14 million in expedite fees
- Marathon agreed to provide Compute North a bridge loan of up to $67 million, in tranches, subject to specified requirements
We could not confirm this from the cited source:
- That the Compute North bridge loan was a fixed $67 million (the 10-K says up to $67 million, and only $30 million had been lent as of December 31, 2021)
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1507605/000149315222006446/form10-k.htm) in full (385,382 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Marathon Digital 10-K filed 2022-03-10
Quote: “On May 21, 2021, Marathon Digital Holdings, Inc. (the "Company") entered into a binding letter of intent with Compute North, LLC to host 73,000 Bitcoin Miners over a staged in implementation between October 2021 and March 2022...The Company will provide an 18 month bridge loan to Compute North of up to $67 million dollars...the Company has also agreed to pay up to $14 million in expedite fees for construction/electrical and supply chain expediting activities.”
delays Marathon Digital 10-K filed 2024-02-28
Quote: “On February 9, 2023, the Bankruptcy Court approved a settlement stipulation between us and Compute North”
delays Marathon Digital 10-K filed 2025-03-03
Quote: “(iii) claims arising from the breach of a letter of intent between us and Compute North LLC”
delays Marathon Digital 10-Q filed 2022-11-14
Quote: “The Company’s understanding is that plans for additional deployments have been delayed due to uncertainties associated with the Compute North Bankruptcy.”