According to a Canadian local media report, a prominent Canadian-based Bitcoin mining company called “Great North Data” has gone bankrupt.

The publication carrying the bankruptcy report stated that $13.2 million were included in liabilities for $4.6 million in assets in the Canadian government-backed Great North Data bitcoin mining company.

The list of people the company owes money to includes federal and state agencies, as well as the Atlantic Canada Opportunity Agency (ACOA), an organization that helps create opportunities for economic growth in the Atlantic provinces.

ACOA provided the bankrupt company with $500,000 in late 2015 as an unconditionally payable contribution, to which it is reported to now owe C$281,675.

The report also indicated:

Read:Federal Reserve Chairman: The United States does not compete with China for the central bank digital currency (CBDC)

The Newfoundland and Labrador Business Investment Corporation owes the bankrupt company $313,718.

This amount is secured by the “Great North Data” building and its lands in Labrador, machinery and equipment.

The federal agency said it is in touch and closely following developments regarding the company.

According to reports, the company received $420,000 from the province between January and August 2016.

The Great North Data website is offline at the time of writing this article.

The company was founded in 2013 and has grown from a start-up to a major provider of processing capacity in Atlantic Canada.

According to the archived version of the site, it was noted that a statement dated June 26, 2018 reveals that Canadian Member of Parliament “Jean Jones” visited one of the “Great North Data” centers in Canada.

The publication added that the company has invested more than 9 million Canadian dollars over 5 years, of which 5-6 million dollars were invested in contractors, equipment purchased and contracting with local sources in Labrador.

With 25 full-time employees and 4 part-time employees, the company intended to grow by increasing 15-20 full-time employees by December 2018.

Read:Project Enjin raises $18.9 million to launch the first dedicated NFT blockchain on Polkadot

It was also hoping to double its sales during 2019 after exceeding $6 million at the end of 2018.

But the winds do not go the way ships want, and 2019 brought debts to Great North Data.

Read also:

Iran announces electricity price for cryptocurrency miners

For Beginners: What is Cryptocurrency Mining?