• Home
  • Motorcycles
  • Electric Motorcycles
  • 3 wheelers
  • FUV Electric 3 wheeler
  • Shop
  • Listings

Subscribe to Updates

Get the latest creative news from CycleNews about two, three wheelers and Electric vehicles.

What's Hot

6 Best Digital Photo Frames (2025): Aura, Nixplay, Skylight

How to Make AI Faster and Smarter—With a Little Help from Physics

Nice Rocc Palm Cooling Device Review: Pricey, Effective Palm Cooling

Facebook Twitter Instagram
  • Home
  • Motorcycles
  • Electric Motorcycles
  • 3 wheelers
  • FUV Electric 3 wheeler
  • Shop
  • Listings
Facebook Twitter Instagram Pinterest
Cycle News
Submit Your Ad
Cycle News
You are at:Home » In the Kentucky Mountains, a Bitcoin Mining Dream Turned Into a Nightmare
Electric Motorcycles

In the Kentucky Mountains, a Bitcoin Mining Dream Turned Into a Nightmare

cycleBy cycleOctober 21, 202403 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


In both cases, Biofuel claims, the firms shipped equipment from China to its hosting facility in Eastern Kentucky, then walked away with the bitcoin produced, leaving behind hundreds of thousands of dollars in unpaid energy bills and hosting fees.

Biofuel reached a settlement with Touzi in early 2022 for $60,000, but despite having handed back the mining equipment, it claims not to have received the sum it is owed under the agreement.

In the still-unresolved spat with VCV, Biofuel received permission from the Martin County Circuit Court in Kentucky to sell off the mining equipment, claims Whites, to recoup a portion of the funds it is owed (she has not confirmed the amount), but she alleges that no damages have yet been awarded. VCV has stopped responding to communications, she claims.

Biofuel has since dissolved, put out of business by the failed hosting ventures. “I literally lost my house—I lost everything. It financially ruined me,” says Wes Hamilton, former Biofuel Mining CEO. “I’m just so frustrated about the whole thing.”

WIRED contacted VCV and Touzi for comment, but did not receive any response.

There are few financial recovery options for companies like Mohawk and Biofuel. The situation is made more difficult, as in the Mohawk case, if they are dealing with so-called special purpose entities. Because they are set up by their parent companies for a single specific business venture, these entities need not be concerned about their long-term ability to operate in the US.

“It certainly can be more difficult to recover damages from a non-US counterparty,” says Kim Havlin, a partner in the global commercial litigation practice at law firm White & Case. “There is certainly a risk that an entity that doesn’t need to be in the US may just ignore the case.”

Even if the Kentucky facility owners win out in court, it could be difficult to collect any damages awarded. “A judgment is essentially a piece of paper. Any judgment needs to be turned into assets or cash in order to be valuable,” says Havlin. If the opposing party refuses to pay up and has no US assets to collect against, sometimes that isn’t possible.

Almost a year after the dispute began, the Mohawk case is stuck in legal limbo. In a setback for Mohawk, the presiding judge recently denied its motion to dismiss HBT’s complaint, on the basis that it had failed to sufficiently back up its argument. The judge also pushed Mohawk’s countersuit into arbitration, a forum for resolving disputes privately instead of in open court. Non-US parties tend to prefer arbitration as a way to “remove a home forum from both sides,” explains Havlin. “You can pick an arbitral seat in neither country as a means of creating a neutral playing field.” A parallel federal court hearing is set for December to consider whether an injunction should be imposed on Mohawk, preventing it from selling off the remaining HBT equipment in its possession.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous Article8 Amazingly Thoughtful Gifts for Your Coworkers (2024)
Next Article US Government Says Relying on Chinese Lithium Batteries Is Too Risky
cycle
  • Website

Related Posts

6 Best Digital Photo Frames (2025): Aura, Nixplay, Skylight

June 1, 2025

How to Make AI Faster and Smarter—With a Little Help from Physics

June 1, 2025

Nice Rocc Palm Cooling Device Review: Pricey, Effective Palm Cooling

June 1, 2025
Add A Comment

Leave A Reply Cancel Reply

You must be logged in to post a comment.

Demo
Top Posts

6 Best Digital Photo Frames (2025): Aura, Nixplay, Skylight

June 1, 2025

The urban electric commuter FUELL Fllow designed by Erik Buell is now opening orders | thepack.news | THE PACK

July 29, 2023

2024 Yamaha Ténéré 700 First Look [6 Fast Facts For ADV Riding]

July 29, 2023
Stay In Touch
  • Facebook
  • YouTube
  • TikTok
  • WhatsApp
  • Twitter
  • Instagram
Latest Reviews

Subscribe to Updates

Get the latest tech news from FooBar about tech, design and biz.

Demo
Most Popular

6 Best Digital Photo Frames (2025): Aura, Nixplay, Skylight

June 1, 2025

The urban electric commuter FUELL Fllow designed by Erik Buell is now opening orders | thepack.news | THE PACK

July 29, 2023

2024 Yamaha Ténéré 700 First Look [6 Fast Facts For ADV Riding]

July 29, 2023
Our Picks

AI Is Coming for the Experts. First, It Needs Their Help

A Lawsuit Against Perplexity Calls Out Fake News Hallucinations

రైతులకి మరియు బిజినెస్ చేసేవాళ్ళకి బాహుబలి స్కూటర్ ఇది

Subscribe to Updates

Get the latest news from CycleNews about two, three wheelers and Electric vehicles.

© 2025 cyclenews.blog
  • Home
  • About us
  • Get In Touch
  • Shop
  • Listings
  • My Account
  • Submit Your Ad
  • Terms & Conditions
  • Stock Ticker

Type above and press Enter to search. Press Esc to cancel.