Bitcoin Miner Northern Data Expects up to €194M Revenue for FY 2022

Northern Data AG, a German company that specializes in Bitcoin mining and cloud computing, has released earnings results for its mining division.

Northern Data AG said that in fiscal 2022, it mined 2,798 Bitcoin, up 315% from the previous year. This led to BTC mining revenues of 77.7 million euros in fiscal 2022. The company sold 3,005 BTC sold in 2022 for an average price of 23,849 euros, contributing to a cash revenue of 71.7 million euros.

The data released by Northern Data also indicated that it had approximately 3.6 exahash a second (EH/s) of computing power dedicated to BTC mining. Additionally, the company said it expects unaudited consolidated revenues in the range of 190 million to 194 million euros, with earnings before interest, taxes, depreciation and amortization (EBITDA) "adjusted for the trading loss from the sale of cryptocurrencies" of 40 million to 50 million euros.

However, December was a challenging month for Northern Data. The company mined a total of 177 Bitcoin, down 15% from November and down 25% from December 2021. This was due to high energy prices, particularly in Europe, which caused the deployed ASIC machines in Europe to have set amounts of "downtime" where they were unable toproduce continuously.

​The firm said it is relocating its ASIC machines to "energy price optimized locations" to ensure production stability and optimal capacity utilization in an attempt to reach its production target of 350 BTC per month.

(Source: Cointelegraph)