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Northern Data, a top Bitcoin mining firm, is considering selling its Bitcoin mining unit, Peak Mining. According to the announcement, this development comes amid a shift in its focus toward the rapidly growing artificial intelligence (AI) market. As such, the company has initiated discussions with various interested parties regarding the potential sale.
Northern Data Refocus its Funds on AI Expansion
The company outlined its intent to reinvest the proceeds from the sale into expanding its data center portfolio and purchasing high-performance GPUs. Likewise, the funds will be used to accelerate the development of its AI product platform. Northern Data wants to be a major player in the AI industry by focusing its resources differently.
Selling Peak Mining could give Northern Data the funds it needs to improve its infrastructure. This would allow the company to build more advanced data centers designed for AI workloads. Many tech companies are switching from crypto projects to artificial intelligence (AI). This shift reflects a trend in the industry, as AI provides more stable and reliable growth opportunities.
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Northern Data Revenue Beat Expectation
Recall that the Frankfurt-based Bitcoin miner had projected to reach a sale peak of £75 million by the end of 2023. But to its greatest surprise, it had tripled this expectation. This milestone prompted the firm to aim for revenue growth of £200 million to £240 million in 2024. Notably, the firm was reported to have hoped to raise $204 million in revenue in 2022. In addition, it expects to reach a tenfold surge of £570 million by 2025.
The Bitcoin miner revealed that the set goal is fueled by its venture into high-performance computing and AI cloud services. The firm operates a large-scale crypto-mining facility in Europe and the United States. To gain access to the capital markets and attract more investors, the firm has to go public in the U.S. through an initial public offering (IPO) by the end of 2025.
TeraWulf Sells Stake in BTC Mining With Plan to Re-invest
Earlier this month, Bitcoin mining firm TeraWulf sold its stake in the 200-megawatt Nautilus Bitcoin mining facility to its partner, Talen Energy, for $92 million. The transaction includes $85 million in cash, 30,000 Bitcoin miners, and related equipment valued at $7 million. Like Northern Data, TeraWulf will leverage these proceeds to reinvest in AI infrastructure and expand its Bitcoin mining operations.
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TeraWulf will build a 20-megawatt facility at its Lake Mariner site in New York to host AI and high-performance computing (HPC) data centers. Additionally, the company will allocate funds to purchase Bitcoin miners at a discounted rate. These efforts are geared towards reducing the firm’s cost-to-mine and improving profitability while maintaining a commitment to zero-carbon energy use.
