Canada-Based Crypto Mining Firm Great North Data Files for Bankruptcy
Ana Alexandre's original article for cointelegraph.com reduced by 75%
Canada-based cryptocurrency mining company Great North Data has submitted a bankruptcy filing, purportedly due to insolvency. As the Canadian Broadcasting Corporation reported on Dec. 4, Great North Data - which operated crypto mining facilities in Labrador City and Happy Valley-Goose Bay - filed bankruptcy documents in late November, listing CA$13.
At press time, the firm's website is not functional and Cointelegraph has been unable to reach Great North Data on LinkedIn. The industry has become increasingly challenging for miners, with other firms like the former Washington-based top-five crypto mining firm Giga Watt closing down in January, claiming that it was "Insolvent and unable to pay its debts when due." In October, BCause Mining, a Bitcoin mining operation in Virginia Beach in the United States, was ordered to liquidate its assets, shut down its operations and lay off its 27 full-time and four part-time workers, following bankruptcy documents filed earlier this year. Mining firm Bitfarms is still expanding its operations despite complaints of the residents of the city of Sherbrooke, Quebec.
Bitfarms reportedly manages five mining operations spread across the province to take advantage of cheap local hydropower, while residents living near the site are complaining about the allegedly intolerable sound and vibrations originating from the facility.
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