Tether-owned AI computing company Northern Data is considering exiting the Bitcoin mining business, days after announcing it plans to achieve 7.9 exahashes per second (EH/s) this year. It was announced that there was.
On October 17, Northern Data announced third quarter financial results and stated in a press release that mining operations are still on track to soon open a new location in Corpus Christi Texas, which is critical to hashrate goals. He said he was on board.
However, four days later, the company revealed that it was considering “potential transactions for its mining business,” specifically stating that it was “considering the sale of its historic cryptocurrency mining business, Peak Mining.” Ta. As a result, Northern Data will become a “pure AI solutions business.”
Northern Data said proceeds from the transaction will be reinvested into AI-focused business areas.
From Northern Data’s third quarter presentation.
Read more: Tether: 10 years, 100,000,000,000 USDT and still no audit
This decision may be influenced by the declining proportion of Northern Data’s revenue from mining. This decreased from 74% of revenue at the beginning of 2024 to just 20% in the third quarter. Furthermore, mining revenue decreased from 22 million euros in the first quarter to just 12 million euros in the third quarter.
While Northern Data is considering this pivot, Tether also has other investments in the Bitcoin mining space, including BitDeer, Volcano Energy, and 2040 Energy.
Northern Data is embroiled in a dispute with former management over securities fraud claims. The company maintains there was no wrongdoing.
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