Great North Data, a Canadian company active in mining, has filed for bankruptcy, probably following insolvency; the CBC (Canadian Broadcasting Corporation) has reported this with an article published on its website yesterday. According to reports, the company would have accumulated liabilities for just over 10 million dollars, but with just over a third of assets (3.5 million dollars); to precipitate the situation, however, were the relations with the institutions, the Great North Data, in fact, owed little less than 240 thousand dollars to the government of Terranoa and Labrador, to which are added another 210 thousand dollars invested as a contribution repayable unconditionally in 2015 from Atlantic Canada Opportunities Agenc. The company's website has already gone offline, while several industry sites, which have even tried to contact Great North Data, report that the company has not released any notes or jokes about the incident. With this there are at least three large mining farms that closed in 2019; before the Great North Data, in fact, it was the turn of the Giga Watt (based in Washington) in January and then move to Bcause Mining (of Virginia Beach), a few weeks later, forced to liquidate everything and lay off 27 employees.

That 2018 was a very difficult year for the mining farm was well known, as it is known that many continued to undermine at a loss throughout the year that the bear market lasted, the point is that now, with bitcoins that it seems wanting to slip back below 7 thousand dollars, mining activity will return to being no longer profitable, with a consequent decrease in the computing power expressed by the network and with new large mining farms that will decide to take the longest step of the leg continuing to undermine loss stubbornly, only to end up upside down in six months or a year. What happened to Great North Data, and before that to Giga Watt and Bcause Mining, we need to understand that mining should be understood as a real industrial activity, which requires investments and strategy to be carried out in a profitable way, which nothing can to be improvised and that if you do not follow a precise and detailed growth plan the risk is to fail very quickly and, moreover, overwhelmed by debts; this is always true and it is so much more so in a country like ours where the cost of electricity requires costly investments to produce renewable energy, even if only to have a minimum hope of undermining it with profit.