Northern Data Set to Invest €214 Million in Bitcoin Mining Expansion

IconCryptoNewsTerminal Staff15 Jul, 2024

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Northern Data Set to Invest €214 Million in Bitcoin Mining Expansion

Northern Data, a German bitcoin mining company, has plans to conduct a capital increase of €214 million ($233 million). The capital increase will involve the issuance of 10.7 million new shares at €20 per share, and the funds will be used to invest in NVIDIA graphics processing units (GPUs), data infrastructure, and artificial intelligence (AI) development. According to a report by Bitcoin.com, the company will use the funds to accelerate its growth strategy and expand its bitcoin mining operations. This investment will allow Northern Data to increase its hashrate and continue to be a major player in the bitcoin mining industry. Northern Data is based in Frankfurt, Germany, and operates some of the largest bitcoin mining facilities in the world. The company currently has a hashrate of over 30 exahashes per second (EH/s) and is actively expanding its operations. Northern Data is a company in which Tether, the operator of the USDT stablecoin, acquired a 20% stake last year. Tether's investment in Northern Data is a sign of the growing institutional interest in the bitcoin mining industry.

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