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Canadian Bitcoin Mining Firm Shutdown Due to Bankruptcy, Still Has Outstanding Debts

Bitcoin

Great North Data, a Bitcoin mining provider in Labrador City, Canada, has just shut down due to bankruptcy. However, not only did it run out of money, but this project was government-funded, and taxpayers are owed their dues because of it.

According to CBC.ca, the group had $13.2 million in liabilities, but only $4.6 million in assets.

Back before the big Bitcoin blowup in 2015, the group was provided $500,000 from the Atlantic Canada Opportunities Agency (ACOA) under the condition that they paid it back eventually. Then, in 2016, they were given another $420,000. They paid some of that back, but still owe around $281,675 it seems.

On top of this, the Business Investment Corporation of Newfoundland and the Labrador government are owed $313,718. However, Great North Data should be able to pay that back by selling its land and buildings, not to mention the equipment they worked with.

According to a statement emailed to the publication, the ACOA is “in contact with the client and are closely following all developments.”

The company’s website is down as well.

The publication also notes that Great North Data was involved in a lawsuit with a Bitcoin mining firm in Hong Kong which never came to a conclusion, and is even less likely to now due to this shutdown.

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