Northern Data Recovers Bitcoin Hashrate Amid Ongoing Sale of Peak Mining

Northern Data has increased its Bitcoin hashrate capacity in the last quarter of 2024, generating €32 million in proprietary mining revenue.

In a preliminary financial update released earlier this week, Northern Data reported combined revenue of €86 million for its cloud data center and Bitcoin mining segments during Q4 2024.

The mining segment, led by its subsidiary Peak Mining, saw a 171% revenue growth compared to the previous quarter due to rising Bitcoin prices and additional installed capacity. The company said that Peak Mining achieved its year-end target of 7.9 EH/s by December 2024.

According to estimates by TheMinerMag, the €32 million Bitcoin mining revenue corresponds to the production of approximately 400 BTC and a realized hashrate of 6.65 EH/s. Throughout much of 2024, Peak Mining’s realized hashrate capacity had remained below 3 EH/s.

This hashrate expansion comes as Northern Data continues the sale of its mining subsidiary, which it stated that “is progressing well.” The divesture was reportedly part of Northern Data’s effort to take its AI and cloud data center segments public in the U.S.

Since Q4 2023, Northern Data has acquired a 30-megawatt site in North Dakota and two 300-megawatt sites in Texas, with initial phases becoming operational in 2024.

Northern Data stopped providing monthly Bitcoin production updates in January 2024.