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Tether acquires stake in Bitcoin miner Northern Data, hinting at AI collaboration

September 21, 2023 Coin Telegraph

Bitcoin mining

The strategic investment into Northern Data through Tether group company Damoon may involve collaborations leveraging AI, P2P communications, and data storage solutions.

The firm behind stablecoin Tether (USDT) has invested an undisclosed amount into German-based crypto miner Northern Data Group in a move backing artificial intelligence (AI) initiatives.

In a Sept. 21 blog post, Tether said the strategic investment into Northern Data through Tether group company Damoon was intended to demonstrate “its determination to support emerging technology”, hinting at collaborations involving AI, peer-to-peer communications, and data storage solutions. The company denied a report from Forbes regarding a $420-million investment, but did not specify the exact amount when reached for comment. Cointelegraph also reached out to Northern Data, but did not receive a response at the time of publication.

Northern Data announced in July that it had reached an agreement with Tether to acquire Damoon, a deal in which the stablecoin issuer “agreed to capitalize Damoon prior to completion of the acquisition with the funds needed to acquire latest-generation GPU hardware". Tether chief technology officer Paolo Ardoino described the investment as a ”fresh venture into new technological frontiers”.

Tether Makes Strategic Investment into Northern Data Group - Set to Become the Biggest Independent AI Player in Europe

Read more:https://t.co/L4F6V10ruk
— Tether (@Tether_to) September 21, 2023

Tether claimed the investment was “separate from [its] reserves” and would not impact customer funds. The firm previously faced legal action in the United States following accusations it had not been fully transparent about its reserves, resulting in millions of dollars in fines and orders to provide reports on USDT’s backing.

As the largest stablecoin issuer by market capitalization at more than $83 billion, Tether has made many investments globally, from partnering with KriptonMarket in Argentina to signing a memorandum of understanding to help develop peer-to-peer infrastructure with the government of Georgia. In August, Ardoino revealed some of the firm’s mining operations were based in Latin America, though it's unclear if they could expand to Germany following the deal with Northern Data.

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Bitcoin miner Northern Data says it has no financial debt, expects $204M in revenue for 2022

December 21, 2022 Coin Telegraph

Bitcoin

At the midpoint, the guidance represents a growth of 1.1% from its revenue in 2021.

According to a new letter to shareholders posted on Dec. 21, Aroosh Thillainathan, CEO of German Bitcoin (BTC) mining company Northern Data, said that the firm expects to generate upwards of $202M to $206M in revenue from crypto mining operations this year. At the midpoint range, this represents a growth of 1.11% from Northern Data's total sales of $202M for the 2021 fiscal year, when the firm grew its revenue ten-fold from 2020. Thillainathan added:

"Northern Data is not carrying financial debt and therefore has access to the unique opportunity to consolidate and expand our current position in BTC mining while scaling cloud solutions and colocation services in parallel. We see significant opportunities in the HPC [high-performance computing] markets we are targeting."

The blockchain CEO also stated that investors should expect guidance of $43M to $80M in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). In 2021, Northern Data generated $95.2M in EBITDA, with non-adjusted figures being even higher due to special effects such as reimbursements from the electricity contracts of the US subsidiary Whinstone from weather-related power outages as well as the effects from the sale of its Whinstone subsidiary.

Thillainathan explained that the largely absence of growth from its business projections is due to a combination of a "+46% YTD [year to date]" increase in hash rate, "BTC prices down over 60% since the beginning of the year," and "extreme increases in electricity prices."

*German electricity prices have skyrocketed in the past year* | *Source: Trading Economics*

Going forward, Thillainathan revealed that the company had commissioned roughly 13,000 application-specific integrated circuits (ASIC) miners with corresponding power contracts in the coming months. "Northern Data's monthly BTC production could already be around 500 BTC mathematically (at the current mining difficulty). Because with energy costs of around EUR 0.03/kWh, the production of a Bitcoin for around EUR 10,000, and therefore high profitability at the current BTC price, is still possible," the CEO wrote.

Northern Data’s Bitcoin Mining Fleet Adds 21,000 ASIC Rigs, Firm Holds $168M in Crypto Assets

April 4, 2022 Bitcoin.com

Riot Blockchain Bitcoin production jumps 80% over pre-halving levels

April 12, 2021 Coin Telegraph

Bitcoin mining

The company said it held more than $94 million in crypto as of March 31, all from Bitcoin it has mined.

In an announcement on Monday, Riot Blockchain reported that it produced 187 Bitcoin (BTC) — roughly $11.2 million — last month, an 80% increase over its BTC mining in March 2020. The company said it held more than 1,565 Bitcoin on its balance sheet as of March 31, representing more than $94 million in crypto.

The mining report follows Riot's $138 million purchase of 42,000 S19j Antminers from crypto mining giant Bitmain. Roughly 6% of the rigs — 2,400 Antminers — are reportedly already on route to Coinmint’s facility in New York, where Riot runs a portion of its mining operations. By the end of April, Riot claimed it will have 16,146 Antminers in operation capable of producing 1.6 exahashes per second.

As more of the Antminers are put into operation, Riot expects its hashing power to rise significantly. By the end of the year, the mining firm expects to achieve a hash rate capacity of 3.8 EH/s, while the total fleet capacity of 81,146 Antminers — expected to be fully operational before the fourth quarter of 2022 — may produce a hash rate of 7.7 EH/s. According to blockchain data, this would represent more than 4% of the hash rate of the entire Bitcoin network, roughly 171 million terahashes per second at the time of publication.

Riot is also reportedly planning to purchase a major mining facility in the state of Texas. The mining firm said last week that it would buy the Northern Data-owned Whinstone company for $650 million. The deal would seemingly allow Riot to run its rigs in Texas with a total capacity of 750 megawatts, with an additional 300 MW expansion planned.

northern data