RE: LeoThread 2024-10-21 05:25

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Northern Data wants to sell Peak Mining to invest in AI expansion

Northern Data plans to divest Peak Mining, with proceeds funding AI and high-performance computing expansion before a potential Nasdaq listing in 2025.

Northern Data Group is looking to divest its cryptocurrency mining business Peak Mining. Proceeds from the possible divestment would be sunk into developing its artificial intelligence and high-performance computing (HPC) units. Northern Data’s main shareholder is stablecoin issuer Tether.

#northerndata #peakmining #ai #crypto

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Germany-based Northern Data announced on Oct. 21 that it has “resolved today to begin negotiations with interested parties” on divesting Peak Mining. The parties were not identified, and Northern Data warned that divestment was not ensured and would depend on the cryptocurrency market, among other things.

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The divestment of Peak Mining would leave Northern Data with its Taiga cloud computing and Ardent data center branches. According to a second statement issued later the same day, possible proceeds from divesting Peak Mining would go to adding capabilities and services to its AI product platform, data center acquisition and development, and purchasing additional AI graphics processing units (GPUs).

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Tether owns around 46% of Northern Data stock, according to Bloomberg. Tether made its first investment in September 2023 and provided Northern Data with $610 million in debt financing (that is, a loan) in November 2023. According to trade publication The Miner Mag, Tether invested in Northern Data again in July, preserving its share of ownership in a $233-million new share issue.

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Article

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What is Northern Data?

Here is a rewritten version with more details:

Northern Data, a German-based cryptocurrency mining company, was founded in 2017 by Aroosh Thillainathan with the ambitious goal of creating a scalable and efficient cryptocurrency mining operation. Headquartered in Frankfurt, Germany, the company has since expanded its operations to several countries, including the United States and Canada.

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At the heart of Northern Data's business is cryptocurrency mining, which involves using powerful computers to solve complex mathematical problems and validate transactions on blockchain networks. The company achieves this through a combination of its own mining facilities and cloud-based mining services, allowing it to generate revenue through the mining of various cryptocurrencies.

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Here is a more detailed look at Northern Data's history:

• 2017: Aroosh Thillainathan founded Northern Data in Frankfurt, Germany, with a vision to create a cryptocurrency mining company that could quickly and efficiently scale its operations.
• 2018: The company launched its first mining facility in Germany, which was equipped with thousands of high-performance graphics processing units (GPUs) from leading manufacturers such as NVIDIA and AMD. This facility was designed to be highly efficient, with advanced cooling systems and optimized power distribution.

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• 2019: Northern Data expanded its operations to the United States, setting up a mining facility in Texas that was powered by 100% renewable energy sources, including wind and solar power. This move marked a significant milestone for the company, as it demonstrated its commitment to sustainability and reducing its carbon footprint.

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• 2020: Northern Data went public on the Frankfurt stock exchange, raising €100 million in its initial public offering (IPO). The company used this funding to further expand its operations and invest in new technologies.
• 2020: Northern Data acquired a majority stake in Whinstone US, a US-based cryptocurrency mining company, expanding its presence in the North American market and increasing its mining capacity.

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• 2021: The company launched its cloud-based mining service, which allows customers to rent mining capacity and participate in cryptocurrency mining without having to purchase and maintain their own equipment. This service has been particularly popular among individual investors and small-scale miners who want to access the benefits of cryptocurrency mining without the high upfront costs.
• 2022: Northern Data announced plans to build a large-scale mining facility in Canada, which will be powered by 100% renewable energy sources. This facility will be equipped with thousands of GPUs and other specialized hardware, and will be designed to be highly efficient and scalable.

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Today, Northern Data is one of the largest cryptocurrency mining companies in the world, with a strong focus on sustainability and a commitment to powering its operations with renewable energy sources whenever possible. In addition to its mining operations, the company also provides a range of other services, including cryptocurrency trading and investment advice. With its rapid growth and expansion, Northern Data is well-positioned to continue playing a leading role in the cryptocurrency mining industry for years to come.