Northern Data mined 2,298 BTC in 2023 and experienced a decrease in revenue to €77.5 million

The company anticipates that revenue will reach €240 million in 2024.

Northern Data Group’s net revenue for the 2023 fiscal year was €77.5 million, a decrease from €193.3 million in 2022.

The company’s overall revenue at the time was €111.0 million, down from €249.5 million the year before. Following substantial investments in HPC applications and infrastructure, the company’s adjusted EBITDA was negative -€5.5 million, which was consistent with market expectations.

Northern Data anticipates that its revenue will increase by threefold in 2024, reaching €200 million and €240 million. It also predicted an additional threefold increase to €520 million to €570 million in 2025.

The group also disclosed its intention to allocate €140 million to its Bitcoin mining company, Peak Mining. In addition to crypto mining, the organization intends to allocate €730 million to the acquisition of NVIDIA H100 Tensor Core GPUs and €110 million to the expansion of its data center infrastructure in the United States and the European Union.

Northern Data’s CEO and founder, Aroosh Thillainathan, characterized 2023 as a “inflection point” that concentrated on the strategic investment in 2024 and the positioning of the company in AI and high-performance computing. He further stated that the organization is “well-capitalized” and has “substantial cash on hand.”

In the fiscal year, Northern Data reported that Peak Mining and its Bitcoin (BTC) activities were “again responsible for the the weight of revenue,” in addition to newly significant cloud revenue.

In 2023, Peak Mining generated 2,298 BTC. It maintained its current approach of mining Bitcoin for its own account and selling all of the mined Bitcoin on a daily basis.

In May 2023, Peak Mining also increased its self-mining hardware devices by 10%, resulting in a peak of 40,643 installed devices and 3.78 exahashes per second (EH/s). The company had installed 35,639 self-mining ASIC servers with a hash rate of 3.34 EH/s by the end of 2023. Additionally, the company closed sites with high energy costs.

Northern Data is the most significant Bitcoin miner in Europe. According to recent reports, the organization intends to conduct an initial public offering (IPO) in the United States, with an anticipated valuation of $10 to $16 billion.

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