Bitcoin miner Northern Data forecasts revenue to triple in 2024

Crypto mining giant Northern Data is forecasting its revenue to triple in 2024 as the company doubles down on high-performance computing (HPC) solutions.

Northern Data Group, a German-listed Bitcoin mining company, estimates its sales to soar this year up to €240 million, tripling its 2023’s results as the company is betting big on high-performance computing (HPC) solutions for artificial intelligence (AI).

In its audited 2023 financial results shared with crypto.news, the Frankfurt-headquartered company reported revenue of €77.5 million, surpassing market guidance of €65 million to €75 million. The company noted that adjusted EBITDA was “in line with expectations,” following “significant investment in the teams and structure required to realize the potential of HPC applications.”

With $1 billion in debt and equity funding secured last year, Northern Data plans to accelerate efforts to “meet growing demand for HPC and the generative AI boom.” The company projects its revenue to reach €570 million in 2025.

Northern Data is considering the possibility of filing for an initial public offering (IPO) for its combined artificial intelligence cloud computing and data center businesses in the U.S. next year. Sources close to the matter say the IPO is expected to value the entity between $10 billion and $16 billion, adding the miner might sell a minority stake in the unit to investors before the listing.