Canadian Government-Backed Bitcoin Mining Operation Shuttered
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Canadian Government-Backed Bitcoin Mining Operation Shuttered

December 5, 2019      Sandeep Kumar Mishra

A Canada-based centre for Bitcoin mining and AI algorithm processing is the latest on the list of closed facilities working in the crypto space. The Canadian Government-sponsored Great North Data was a Bitcoin Mining Operation, which is filing for bankruptcy protection after it shuttered. The company has over $13 million listed liabilities against a meagre asset holding of $4.5 million. Many Canadian governmental agencies feature as creditors on the company’s lists. The Atlantic Canada Opportunities Agency (ACOA) had also previously invested $500,000 in the company.

 

Great North Data Grants

The investment made by ACOA was highly unsecured. ACOA accounts for investments worth $281,675 in the company. However, several other agencies had also invested in the Bitcoin mining operation. They had their security attached to the company’s assets. Records revealed that the Business Investment Corporation of Labrador and Newfoundland government had invested $400,000 in the company. The company had collateralized its Bitcoin mining centre and land in Labrador for the investment.

 

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The government creditors may face the brunt of most of these losses. The agencies under investigation have refused to divulge any information because of client privilege. Thus, most of these losses have gone unreported so far.

 

Bitcoin Mining Losses And Gains

The Bitcoin Mining Operation in question isn’t the only mining facility to shut down in recent months. As the next Bitcoin halving approaches, mining operations continue facing challenges. Many miners have already backed down and sold their Bitcoins as profits dwindle. However, other miners take heart from the stable Bitcoin price, which is currently trending at over $7,000. Also, the miners who sold their Bitcoins mostly began mining after 2013. The Great North Data is a prime example of this category. However, the mining industry is relatively stable despite a volatile market. Therefore, the fate of the mining operations remains to be seen in 2020 with the arrival of the next halving.

#Bitcoin (BTC) #Bitcoin Mining
Sandeep Kumar Mishra
Sandeep Kumar Mishra

Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.