2024

Bitcoin

Northern

Northern Data, a German-listed Bitcoin mining company, has forecasted a significant revenue increase in 2024, predicting sales to triple as it intensifies its focus on high-performance computing (HPC) solutions. The company estimates that its revenue will soar to €240 million this year, up from €77.5 million in 2023, according to <a href="https://crypto.news/bitcoin-miner-northern-data-forecasts-revenue-to-triple-in-2024/">Crypto</a>. 
The Frankfurt-headquartered company surpassed market expectations last year, reporting revenue of €77.5 million, exceeding the guidance range of €65 million to €75 million. Northern Data attributed this success to substantial investments in teams and structures essential for realizing HPC applications' potential. The adjusted EBITDA was also in line with expectations. 
With $1 billion in debt and equity <a href="https://ultramining.com/news/en/liquidstack-secures-funding-to-boost-eco-friendly-bitcoin-mining-in-the-u-s/">funding</a> secured in 2023, Northern Data is poised to accelerate its growth to meet the rising demand for HPC and capitalize on the generative AI boom. The company projects its revenue to further increase to €570 million by 2025. 
Northern Data is also exploring the possibility of filing for an initial public offering (IPO) in the U.S. for its combined artificial intelligence cloud computing and data center businesses next year. Sources suggest the IPO could value the entity between $10 billion and $16 billion, with the company potentially selling a minority stake to investors before the listing.

Northern Data Projects Revenue to Triple in 2024 on HPC and AI Investments

Ultramining_Eng

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