Great north data
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Inside a bitcoin mine that earns $70k a day
Jihan Wu and Micree Zhan created it in 2013. Wu was a financial analyst and private equity fund manager before founding Bitmain, and Zhan was the founder of DivaIP, a startup that enabled users to stream television to a computer screen through a set-top box.  By 2018, it had surpassed Intel as the world’s largest manufacturer of bitcoin mining application-specific integrated circuit (ASIC) chips.  The firm also owns BTC.com and Antpool, two of the biggest bitcoin mining pools in the past.  In order to raise Bitcoin Cash (BCH) values, Antpool “burned” 12% of the BCH they mined by sending it to untraceable addresses. [number four]
Bitmain officially turned a profit in early 2018, with a net profit of $742.7 million in the first half of 2018, and negative operating cash flow.
 According to TechCrunch, unsold inventory reached $1 billion in the second quarter of 2018.
 Around half of the company’s 3000 employees were laid off in December 2018.
 Since then, the company has shut down offices in Israel and the Netherlands, as well as drastically reducing its Texas mining operations.
In today’s CBC News, a story about towns in Labrador West that are repositioning their economies for the twenty-first century is featured. These communities’ economies used to be based on mining minerals, but now they’re home to data centers. Since data centers use a lot of energy and cause machines to heat up, the area’s cheaper power and cooler air make it perfect for data warehousing. Great North Data, based in St. John’s, reports that their data centers are already full and that demand is increasing. Another firm in the region, North 53 Degrees, is constructing data storage facilities.
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4. Great North Data, a crypto mining company based in Canada, has filed for bankruptcy.
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The business, which had offices in Labrador City and Happy Valley-Goose Bay, is said to have filed for bankruptcy last month, owing $10 million in debt and having just $3.5 million in cash. Great North Data is said to owe the Business Investment Corporation of Newfoundland and Labrador over $238,000 for helping it acquire a house, land, machinery, and equipment. The company’s website, according to reports, is currently unavailable. –CBC News