Canada-based cryptocurrency mining firm North Data Files for Bankruptcy" alt="Great North">Great North Data has submitted a chapter submitting, purportedly on account of insolvency.
As the Canadian Broadcasting Corporation reported on Dec. 4, Great North Data - which operated crypto mining services in Labrador City and Happy Valley-Goose Bay - filed chapter paperwork in late November, itemizing CA$13.2 million ($10 million) in liabilities, whereas having only CA$4.6 ($3.5 million) million in belongings.
Liabilities to the state
With that, Great North Data reportedly owes CA$313,718 ($238,080) to the Newfoundland and Labrador authorities's Business Investment Corporation, which the corporate secured for constructing, land, equipment and tools.
The Atlantic Canada Opportunities Agency is reportedly an unsecured creditor for CA$281,675 ($213,868) and funded the corporate for CA$500,000 ($379,637) in 2015 inside the type of an flatly due contribution.
At press time, the agency's site just isn't practical and Cointelegraph has been unable to attain Great North Data on LinkedIn. The agency additionally has no telephone amount listed.
Challenging circumstances
The trade has turn bent be more and more difficult for miners, with different corporations like the previous Washington-based top-five crypto mining agency Giga Watt closing down in January, claiming that it was "bancrupt and unable to pay its money owed when due."
In October, BCause Mining, a Bitcoin (BTC) mining operation in Virginia Beach inside the United States, was ordered to liquidate its belongings, close up its operations and lay off its 27 full-time and 4 part-time employees, following chapter paperwork filed earlier this yr.
Meanwhile, mining agency Bitfarms continues to be increasing its operations regardless of complaints of the residents of town of Sherbrooke, Quebec. Bitfarms reportedly manages 5 mining operations unfold throughout the province to benefit from low cost native hydropower, whereas residents residing or s the location are fretful in regards to the allegedly indefensible sound and vibrations originating from the ability.
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