Bitcoin mining company NFN8 Group has filed for Chapter 11 bankruptcy protection in Texas as of February 2, with plans to sell all its assets under court supervision. The company cited a fire at its main mining facility, financial strain from sale-leaseback agreements, and a drop in hashprice following Bitcoin's halving as reasons for its financial difficulties. NFN8 operates over 5,000 mining machines across sites in Crystal City, Texas, and Iowa. The company estimates its assets are below $50,000, with liabilities ranging from $1 million to $10 million.