Northern Data Expected Revenue To Reach EUR 190 Million In 2022

Key Points:

• According to Northern Data CEO Aroosh Thillainathan, the revenue from crypto mining activities is expected to reach EUR 190-194 million this year.
• If the output of the about 13,000 ASIC miners that will be put into operation with accompanying power contracts in the following months is taken into account, the company’s monthly BTC production may already be about 500 BTC theoretically.
• Thillainathan reaffirmed that the company’s pursuit of operational excellence had enabled it to surpass the 30% worldwide cost-saving objective that it established in September.

Before the end of 2022, Northern Data CEO Aroosh Thillainathan shared with shareholders what the company has experienced in the year and the next direction to be able to continue to maintain mining in the still crypto market many of these difficulties.

According to Thillainathan, the revenue from cryptocurrency mining activities is expected to reach EUR 190-194 million this year. He stated:

“Many investors have entered the crypto market with great expectations and have suffered high losses. This has led to financial distortions in the market, partly due to the high proportion of debt financing. Northern Data is not carrying debt and therefore has access to the unique opportunity to consolidate and expand our current position in BTC mining while scaling cloud solutions and colocation services in parallel. We see significant opportunities in the HPC markets we are targeting.”

Investors could anticipate projections of EUR 40-75 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), according to the blockchain CEO. Northern Data produced $95.2 million in EBITDA in 2021.

Thillainathan says that Northern Data is now renegotiating its electricity contracts and plans to exploit stranded energy sources in particular.

Northern Data’s monthly BTC production might already be about 500 BTC mathematically if the output of the approximately 13,000 ASIC miners that will be placed into operation with associated power contracts in the upcoming months is taken into consideration (at the current mining difficulty). The manufacturing of a Bitcoin for about EUR 10,000, and thus very lucrative at the present BTC price, is still feasible with energy costs of about EUR 0.03/kWh.

Finally, Thillainathan reaffirmed that the company’s pursuit of operational excellence had enabled it to surpass the 30% worldwide cost-saving objective that it established in September and has facilitated the realization of structural savings that boost growth and profits.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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