Canada-Based Crypto Mining Firm Great North Data Files for Bankruptcy

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, Great North Data — which operated crypto mining facilities in Labrador City and Happy Valley-Goose Bay —  filed bankruptcy documents in late November, listing CA$13.2 million ($10 million) in liabilities, while having only CA$4.6 ($3.5 million) million in assets. Liabilities to the state With that, Great North Data reportedly owes CA$313,718 ($238,080) to the Newfoundland and Labrador government’s Business Investment Corporation, which the company secured…

MARKETS DAILY: Casualties Ahead in the Cryptocurrency Mining Arms Race

Disclaimer Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it…

Litecoin’s Mining Power Tanks to Lowest in Year Following Price Plunge

The new dynamic in the litecoin market offers a lesson in the emerging economics of the fast-growing cryptocurrency and blockchain industry, which relies on networks of computers to confirm and record transactions, using a combination of incentives. Key inputs include the speed and efficiency of the data-mining computers, local electricity costs and even the ambient temperature; cold climes are considered ideal because less power is needed to run cooling fans for the computers, which typically run 24 hours a day, seven days a week – that is, when it’s profitable…

Bitcoin Mining in North America: A New Gold Rush in the New World

The phones are ringing off the hooks at the New York offices of BitOoda, a financial services and brokerage firm that advises bitcoin mining companies and investors in the bitcoin space on investment strategies and risk management. Ryan Porter, head of business development at BitOoda, told Bitcoin Magazine that there’s lots of interest, including from Chinese companies and investors, in the new frontier of bitcoin mining in the U.S. and Canada. “We’re seeing potentially explosive growth in North America in bitcoin mining as the number of inquiries from both mining…

Monero Implements Hard Fork, Including New ASIC-Resistant Mining Algorithm

The Monero (XMR) network has been successfully upgraded to RandomX, a new mining algorithm that aims to be ASIC-resistant. On Nov. 30, the Monero community workgroup did a live stream on YouTube in which the upgrade took place at around the 58 minute mark. The new upgrade also introduced proof-of-work (PoW) algorithm, RandomX, which uses random code execution together with memory-focussed techniques to be resistant to application-specific integrated circuits (ASIC) — devices optimized for professional mining operations. The upgrade is also reportedly optimized for general-purpose central processing units (CPU) in…

Former Soviet Metal Construction Plant Is Now Mining Bitcoin

The largest data center in the former Soviet Union, BitRiver, opened about a year ago in the Siberian city of Bratsk and most of its clients use the facility to mine Bitcoin (BTC), Bloomberg reported on Nov. 24. The data center allows cryptocurrency miners to take advantage of cheap energy in what once used to be the world’s largest aluminum smelter. The plant was built by the USSR in the 1960s with the still-active hydropower plant to power its operations. Cold climate, cheap energy The data center’s location also benefits…

Russian Oligarch Turns Soviet Plant Into a Major Bitcoin Mining Hub

The largest data center in the former Soviet Union, BitRiver, opened about a year ago in the Siberian city of Bratsk and most of its clients use the facility to mine Bitcoin (BTC), Bloomberg reported on Nov. 24. The data center allows cryptocurrency miners to take advantage of cheap energy in what once used to be the world’s largest aluminum smelter. The plant was built by the USSR in the 1960s with the still-active hydropower plant to power its operations. Cold climate, cheap energy The data center’s location also benefits…

Compute North Announces Nebraska Colocation Center for Bitcoin Mining

Compute North, a data infrastructure and colocation company based in the U.S., has announced that its largest location is now live in Nebraska. The new facility offers 100 megawatts (MW) of power and is targeted at large capacity users, such as cryptocurrency miners. “The facility is set up to accomodate large-capacity users with over 1MW of requirements by delivering accessible, affordable, reliable and secure collocation to people from all over the globe,” according to a press release shared with Bitcoin Magazine. “The combination of power and connectivity with the low…

Quebec Mining Firm Expands Despite Protests of Local Population

The cryptocurrency mining operations of mining firm Bitfarms are still expanding despite complaints of the residents of the city of Sherbrooke, Quebec. Local news outlet CityNews reported on Nov. 20 that residents living near the site of the firm’s mining operations are complaining about the allegedly intolerable sound and vibrations originating from the facility. The complaints of the population The firm’s executives claim that the noise problems will be solved by a 23-meter wall around its mining farm, but residents are not convinced. Marcel Cyr, a resident living across the…