Crypto Mining Firm Giga Watt Files for Bankruptcy, Faces Eviction in Washington County

Washington-based Giga Watt, formerly known as MegaBigPower company, was reportedly established in 2012 by former Microsoft software engineer Dave Carlson, who had discovered Bitcoin in 2010. The company has also conducted an Initial Coin Offering (ICO) token sale back in July 2017. According to iFiberOne, Giga Watt’s tokens intended to raise money for a construction of mining equipment using “more than 30 megawatts of electricity,” as well as a private energy substation.

In March 2017, Dave Carlson claimed that the company “didn’t need” to register with the U.S. Securities and Exchange Commission (SEC) to conduct an ICO, arguing that the company “created a token offering in which people can get access to the electrical infrastructure that powers their miners.”

In March 2018, the Silver Miller law firm launched a federal court lawsuit related the ICO promoted by Giga Watt, alleging that the firm violated securities laws by selling investments in its crypto mining business without registering investments with the due regulatory entities.

In September this year, iFiberOne reported that Carlson had “quietly” left Giga Watt as CEO in mid-August.

Cointelegraph released an analysis in November on how the crypto bear market affects the profitability of crypto mining.

 

 

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