It’s been a tough period for Bitcoin, as not only is the currency suffering from some significant price drops, but various companies involved in the market have been closing their doors for various reasons, while others have been suspending their operations temporarily. Most recently, Aquifer, one of the more prominent mining companies, has filed for Chapter 11 bankruptcy protection.

The company claims assets valued between $1 million and $10 million, plus between $1 to $10 million in pending liabilities. The bankruptcy filing also claims that the company currency has between one and 49 creditors that have to be paid off, and according to Aquifer, they should have enough funds to cover their unsecured creditors.

Aquifer rose to prominence in 2014, when they became one of the main partners of MegaBigPower for their franchising program. Since they’ve announced their partnership, Aquifer have been given more than 700 TH/s of mining power, which they have been using actively throughout the company’s existence.

Strangely enough, the owner of MegaBigPower, Dave Carlson, claimed that he was surprise by the bankruptcy filing, and had no idea that it was coming. However, he did suspect that something was up recently, as he’s been having communication issues with the Aquifer team for a month now, with practically no contact from the company during that time.

Currently, MegaBigPower are focused on recovering equipment they have given to Aquifer, though it’s not clear how well this is going to work out for them. Aquifer have not been reachable for a comment on the situation, even though members of the press have tried getting in touch with them to clear up some of the confusion surrounding the whole ordeal.

Just two months into 2015, we already have two companies involved in Bitcoin mining announcing bankruptcy. Before Aquifer, CoinTerra filed for Chapter 7 bankruptcy recently, after the company’s operations were getting less and less successful over the last few months. This is why it is really advisable to also seek help from trusted groups like crypto signals group.

As a whole, Bitcoin is facing some serious issues right now, but many have solid trust in the currency and its potential to recover and shoot back up to the top of the charts. It was just a year ago that Bitcoin cost over $1,000, and many have faith that it will still go back to that point and even higher, given enough time. Public opinion about the currency has been getting very positive as well, especially after several major companies announced that they are now accepting Bitcoin as a form of payment for their services. In the future, it’s entirely plausible that we may see Bitcoin becoming a totally mainstream method of payment, accepted by a wide range of merchants and used by buyers all over the world.

Janice

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Janice Martin is a professional journalist who loves to cover education, politics and social sciences. She is also a media influencer with 3 million followers.