Northern Data, a European Bitcoin mining business, reported a 22% rise in revenue for the second quarter of 2024. This shows that the company did well despite the problems caused by the Bitcoin halving. The company said it made €26 million in Q2 thanks to its strong cloud platform and significant investments in its data center infrastructure and mining facilities.
Aroosh Thillainathan, CEO of Northern Data, talked about the company’s progress in strategic relationships and high-performance computing (HPC), both of which have been key in meeting the growing demand for HPC and generative AI.
“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.”
Aroosh Thillainathan
Northern Data Sees Major Growth and IPO Plans
Northern Data made a total of €55 million in sales in the first half of 2024, which is a significant 49% rise year-over-year. The deployment of NVIDIA H100 GPUs, which improved the company’s cloud speed, was a significant catalyst for this growth. Notably, 46% of Northern Data’s Q2 income came from cloud services.
In a financial report released in the middle of July, Northern Data said that it thought its sales in 2024 could reach €240 million, which is three times what it made in 2023. The company’s significant investment in high-performance computing (HPC) technologies for AI supports this optimistic outlook.
In addition, Northern Data sold 10.7 million new shares to raise €214 million. The money will be used to grow its cloud platform and real data centers in the US and Europe.
It is now running more efficiently because Northern Data wants to go public in the U.S. next year with an IPO of its AI cloud computing and data center businesses as a whole. The IPO could make the business worth between $10 billion and $16 billion. People can buy a small piece of the business before it goes public.
Northern Data will still make significant improvements in high-performance computing (HPC) and artificial intelligence (AI) as it grows its business and makes its technology better.
