TechFlow news, October 21 — According to TheMinerMag, German tech company Northern Data announced it is in talks regarding a potential sale of its cryptocurrency mining subsidiary, Peak Mining. The company stated this move aims to support its transition toward a pure artificial intelligence (AI) strategy.
Northern Data plans to use the proceeds from the potential sale to acquire additional data centers, purchase GPUs, and develop its AI product platform. This decision follows Tether's support several months ago for Northern Data’s $233 million stock issuance, which was intended to further invest in Nvidia GPUs and expand its high-performance computing operations in Europe and North America.
Company reports show revenues of €26 million and €59 million in the second and third quarters of 2024, respectively, generated from data center, cloud computing, and Bitcoin mining operations. In the first quarter of 2024, Northern Data mined a total of 447 Bitcoin, with an average energy and operational cost of $28,500 per Bitcoin.
The company’s major shareholder is Tether Holdings Ltd., which held approximately 46% of Northern Data’s shares as of February.
