Northern Data reports 22% revenue increase in Q2 despite Bitcoin halving

As a seasoned crypto investor with a knack for spotting promising opportunities, I must say that Northern Data’s impressive Q2 results have caught my attention. Having witnessed the rollercoaster ride of the cryptocurrency market, I can appreciate the resilience and strategic acumen required to thrive in such an environment.


In a recent announcement, Northern Data reported an impressive 22% increase in their second-quarter earnings, outperforming predictions, even amidst the effects of the Bitcoin halving.

Despite facing difficulties due to Bitcoin halving, European Bitcoin mining firm Northern Data unveiled a 22% rise in their second-quarter earnings, reported today, August 6th. Their €26 million revenue for Q2 was boosted by the success of their cloud platform and investments made in data centers and mining facilities.

Aroosh Thillainathan, CEO of Northern Data, underscored the advancements made by the company in strengthening their high-performance computing resources, as well as utilizing strategic collaborations to address the escalating need for High Performance Computing (HPC) and generative AI technology.

As a researcher looking forward to the latter part of this year, I am confident about our strong financial position. We are persistently working on enhancing our operations, making them more advanced and capable of scaling up, to cater to the escalating demand for High-Performance Computing (HPC) and the burgeoning market of Generative Artificial Intelligence in 2024 and beyond.

Aroosh Thillainathan

In the first half of 2024, the company based in Frankfurt reported a total income of €55 million, marking a 49% increase compared to the same period the previous year. The company credits this growth primarily to the launch of NVIDIA H100 GPUs, which significantly improved the performance of their cloud services. These services comprised approximately 46% of Northern Data’s total Q2 earnings.

Northern Data’s road to IPO

In July last year, Northern Data forecasted that its annual sales could hit approximately €240 million in 2023, which would be three times its previous estimates. This significant growth is attributed to the company’s substantial investments in High-Performance Computing (HPC) solutions for artificial intelligence. Furthermore, Northern Data managed to secure €214 million by issuing 10.7 million new shares, a move designed to bolster its cloud platform and data centers network across Europe and the United States.

Northern Data’s surge in operational activities aligns with its intention for an initial public offering (IPO) next year, which will encompass its artificial intelligence cloud computing and data center businesses in the U.S. This information was previously shared by crypto.news. The anticipated IPO could place the entity’s valuation between $10 billion and $16 billion. It is also speculated that investors may have the opportunity to purchase a minority stake in this unit before the stock listing.

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2024-08-06 13:30