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Northern Data is set to become a major player in the crypto mining industry. The blockchain and high-performance computing firm announced that it will acquire Bitcoin miner Bitfield.
In a press release on September 27, Northern Data announced that it will acquire between 86 and 100 percent equity interest in Bitfield. Major shareholders have already signed a binding purchase agreement for the Bitcoin miner’s purchase in a deal valued at around EUR 400 million ($460 million).
Northern Data’s purchase of Bitfield will lead to its indirect acquisition of some 33,000 ASIC miners owned by the Bitcoin miner. “The ASIC hardware includes 6,600 high-performance ASIC miners that have already been installed and are in operation in Northern Data’s mobile high-performance data centers,” the company added.
Around 26,000 brand new miners are scheduled for deployment at sites in North America by the end of the first quarter of 2022. Once these mining rigs are in place, Northern Data will become a global leading Bitcoin mining company.
Bitfield’s current operational capacity generates around 0.7 exahashes of crypto mining power. Northern Data projects that once the full deployment is achieved by the first quarter next year, its mining capacity will rise to approximately 3 exahashes. “Northern Data will therefore then have approximately 6 exahashes of mining capacity under management, including that of its hosting customers,” the firm said.
“The takeover of Bitfield is an important pillar of our scalable growth strategy,” Nothern Data Founder & CEO Aroosh Thillainathan said. “With this acquisition, we add Bitcoin mining to our three existing businesses – Bitcoin hosting and services, Altcoin mining, and Cloud Computing – and achieve an even greater increase in value, not least of all because of the trend in mining profitability.”
The company expects revenues between EUR 180-220 million (approximately between $210 million and $260 million) in 2021. The firm’s revenue streams include its Bitcoin hosting and service businesses as well as its crypto mining business with the acquisitions of Decentric Europe B.V. and Bitfield N.V.
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