Northern Data announced a notable 22% surge in revenue for the second quarter, despite the challenges posed by the Bitcoin halving.

European Bitcoin mining company Northern Data has released its Q2 results, showing a 22% increase in revenue, reaching €26 million. This growth was driven by their cloud platform’s performance and substantial investments in their data center infrastructure and mining facilities.

CEO Aroosh Thillainathan highlighted the company’s progress in enhancing high-performance computing (HPC) capabilities and building partnerships to meet the increasing demand for HPC and generative artificial intelligence.

“We are well-capitalized heading into the second half of the year and are continuing to build sophisticated and scalable operations to support the growing demand for HPC and the generative AI boom in 2024 and beyond.”

For the first half of 2024, Northern Data, based in Frankfurt, achieved a total revenue of €55 million, marking a 49% year-on-year increase. This growth is attributed to the deployment of NVIDIA H100 GPUs, which significantly enhanced the company’s cloud performance, contributing to 46% of Northern Data’s Q2 revenue.

Northern Data’s Path to IPO

In mid-July, Northern Data’s financial report for 2023 estimated that sales could potentially reach €240 million this year, tripling the previous year’s results due to significant investments in HPC solutions for artificial intelligence. Additionally, the company raised €214 million by issuing 10.7 million new shares, aimed at expanding its cloud platform and data centers across Europe and the U.S.

Northern Data’s increased operational activities align with its plans for an initial public offering (IPO) of its combined artificial intelligence cloud computing and data center businesses in the U.S. next year. The IPO could potentially value the entity between $10 billion and $16 billion, with the possibility of selling a minority stake in the unit to investors before the listing.

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