Northern Data mined 2,298 BTC in 2023, with revenues dropping to €77.5 million.
Northern Data Group reported net revenue of €77.5 million for fiscal 2023, down from €193.3 million in 2022.
The company’s total revenue for the period was €111.0 million, up from €249.5 million in the previous year. The company’s adjusted EBITDA was -€5.5 million, in line with market expectations, driven by significant investments in HPC applications and infrastructure.
Northern Data said it expects revenues to triple to €200 million and €240 million in 2024. It also forecasted that revenues will double to €520 million and €570 million in 2025.
The group also explained that it plans to invest €140 million in Bitcoin mining company Peak Mining. In addition to cryptocurrency mining, the company plans to invest €730 million in NVIDIA H100 Tensor Core GPUs and €110 million to expand its data center presence in the US and EU.
Founder and CEO Aroosh Thillainathan called 2023 an “inflection point” for Northern Data as it focuses on AI and high-performance computing and makes strategic investments in 2024. He added that the company is “well capitalized with significant cash on hand.”
Bitcoin Mining Results
Northern Data said Peak Mining and its Bitcoin (BTC) activity “again accounted for the majority of revenue in the fiscal year,” while cloud revenue also grew significantly.
Peak Mining produced 2,298 BTC in 2023. It continued its original strategy of mining for its own account and selling all the bitcoins mined each day.
Peak Mining also increased its own mining hardware units by 10% in May 2023, reaching a maximum installed number of 40,643 units and 3.78 exahashes per second (EH/s) in 2023. By the end of 2023, the company had installed 35,639 of its own mining ASIC servers with a hash rate of 3.34 EH/s. The company has shut down sites with high energy costs.
Northern Data is the largest Bitcoin miner in Europe. According to recent reports, the company is planning to launch an initial public offering (IPO) in the United States with an estimated valuation of $10 billion to $16 billion.
