Northern Data plans to sell its Bitcoin mining business and fully transition to an AI strategy.

German technology company Northern $Data plans to sell its cryptocurrency mining subsidiary Peak Mining to support its pure artificial intelligence (AI) strategic transformation. The company intends to use the proceeds from the sale to acquire $data centers, purchase GPUs, and develop AI product platforms. Previously, Tether had provided Northern $Data with a $233 million stock issuance support to further invest in Nvidia GPUs and expand its high-performance computing business in Europe and the United States. According to the company report, the revenues for the second and third quarters of 2024 are projected to be €26 million and €59 million, primarily from $data centers, cloud computing, and Bitcoin mining operations. In the first quarter of 2024, Northern $Data mined a total of 447 Bitcoins, with an average energy and operating cost of $28,500 per Bitcoin.