Digital Assets: German-Listed Crypto Mining Company Northern Data To Float U.S. IPO
Northern Data is a High-Performance Computing solutions provider and bitcoin miner.
Northern Data AG (ETR: NB2) is a high-performance computing (HPC) company providing solutions for AI and blockchain including crypto mining. At its data center in Texas, it operates HPC applications in blockchain such as bitcoin mining for large corporations. According to Bloomberg, the company is mulling a $500 million IPO in the U.S.
Texas bitcoin mining facility the largest in the world
Northern’s Texas data center in Rockdale, Texas is located where the energy-intensive aluminum industry used to be. It, therefore, has access to large amounts of energy at low rates. This is favorable for blockchain applications such as bitcoin mining.
The facility is the world’s largest bitcoin mine. By the end of the year, it will have a capacity of 1 gigawatt.
According to the CEO of Northern Data, Aroosh Thillainathan, “[Northern Data is] constantly reviewing options to quickly secure additional sites through acquisitions in addition to building our own data centers.”
Northern is expanding the capacity of its data center in Norway. High-performance computing and bitcoin mining operations will commence at five new locations in Scandinavia in the coming months.
People familiar with the matter told Bloomberg that Northern Data is working with Credit Suisse Group AG (SWX: CSGN) on the U.S. IPO.
Between November 15, 2019, when it traded at EUR 11.20, and today, when it is quoted at EUR 110 on Germany’s ETR exchange, Northern Data is up to 10X.
Northern’s top shareholders include Cryptology Asset Group, the investment company backed by Mike Novogratz and Block.One.
U.S. listed crypto mining companies
On U.S. exchanges crypto mining companies have put up a stellar performance, rising in tandem with bitcoin’s sharp rally. The performance over the past year of some of these companies is shown below:
Marathon Patent Group (NASDAQ: MARA) – 3502.91%
Riot Blockchain (NASDAQ: RIOT) – 4492.91%
Canaan Inc (NASDAQ: CAN) – 251.60%
Meanwhile, bitcoin is currently down by a massive 11.03% to $47,736.71, after touching a low of $44,964.49.
Image Credit: Northern Data
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