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, Smashing North Data — which operated crypto mining facilities in Labrador City and Happy Valley-Goose Bay —  filed bankruptcy documents in belatedly November, listing CA$13.two one thousand thousand ($10 1000000) in liabilities, while having only CA$four.vi ($3.five million) meg in assets.

Liabilities to the state

With that, Great Northward Data reportedly owes CA$313,718 ($238,080) to the Newfoundland and Labrador government'southward Business Investment Corporation, which the company secured for building, state, mechanism and equipment.

The Atlantic Canada Opportunities Agency is reportedly an unsecured creditor for CA$281,675 ($213,868) and funded the visitor for CA$500,000 ($379,637) in 2015 in the form of an unconditionally repayable contribution.

At press time, the firm's website is non functional and Cointelegraph has been unable to reach Neat Due north Information on LinkedIn. The firm as well has no phone number listed.

Challenging atmospheric condition

The manufacture has become increasingly challenging for miners, with other firms like the former Washington-based superlative-5 crypto mining business 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 (BTC) mining functioning 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 role-fourth dimension workers, following bankruptcy documents filed earlier this yr.

Meanwhile, mining house 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 reward of cheap local hydropower, while residents living near the site are complaining about the allegedly intolerable sound and vibrations originating from the facility.