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Yet Again the Waves of Bankruptcy Hits Another Bitcoin Miner

Yet Again the Waves of Bankruptcy Hits Another Bitcoin Miner

  • The company was responsible for facilitating artificial intelligence algorithms and bitcoin mining operations in Labrador as well as Happy Valley-Goose Bay.
  • The Atlantic Canada Opportunities Agency (ACOA), an unsecured creditor and Labrador government’s Business Investment Corporation and Newfoundland are owed $281,675 and $313,718 respectively.
  • The federal and provincial funding agencies, to whom the company owes amounts estimated to be around $225,000 and $316,477 respectively.

Recently, one of Labrador’s data processing companies has gone bankrupt. Great North data, is a Canada based crypto mining company known for its data mining operations across the state. The company was responsible for facilitating artificial intelligence algorithms and bitcoin mining operations in Labrador as well as Happy Valley-Goose Bay.

However, last month, bankruptcy documents were submitted to the respective authorities, which revealed the asset and liability proportions as $4.6 million and $13.2, respectively. Among the liabilities, a notable proportion is owed to the provincial as well as the federal government.

Apart from that, among them, The Atlantic Canada Opportunities Agency (ACOA), an unsecured creditor and Labrador government’s Business Investment Corporation and Newfoundland are owed $281,675 and $313,718 respectively. However, the above-mentioned amount is protected by Great North Data’s building and land in Labrador City.

Contributions and Dues

The company was provided as an unconditionally repayable contribution, with an investment of $500,000 in 2015 from ACOA in 2015. Apparently, there is no other information provided by the ACOA officials with respect to such contributions with regard to their confidentiality policies. These policies extend to any specific terms or conditions of such a contribution agreement.

According to a statement made by the federal agency through E-mail, their officials are in continuous contact with the company to monitor its subsequent developments. As additional information, the company in issue was reported to have received, from the province, an amount of  $420,000, during the period between January and August in 2016.

Also as stated above, official authorities from the respective cities have not disclosed any additional information with regard to the present matter in issue. The company was also reported to have involved in a legal dispute with another Bitcoin Mining company based in Hong Kong in Newfoundland and Labrador Supreme Court in 2017.

It’s the present state

The present reports suggest the fact that the company’s website has gone offline. Setting aside the above fact, the archived version underlines that the company was established in 2013, where it grew from a low-level startup to a popular establishment known for its processing capacity provisions in Atlantic Canada.

On a side note, the Business Development Bank of Canada, Newfoundland and Labrador Hydro is listed as other unsecured creditors, In addition to the federal and provincial funding agencies, to whom the company owes amounts estimated to be around $225,000 and $316,477 respectively.

A challenging arena

Recent incidents, similar to the above-mentioned facts, which includes the popular crypto mining entities like and Giga Watt filing and because Mining shutting down their operations for insolvency reasons, suggests the fact that the crypto market has become rapidly challenging to such mining platforms.

These situations must be taken into account in serious notes. This is because the growth and development of the crypto-world depend upon the existence of such efficient miners. Such entities have the potential to reform the industry to its full capacity.

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About Pranav Menon

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Pranav is is a writer for Thecoinrepublic. He is interested in researching conceptual topics that can be discussed in various dimensions to understand the same in-depth. His article writing experiences have thought him to understand the various stratas of a subject.

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