Germany-based Bitcoin miner Northern Data forecasts €190M revenue for 2022

Hull Invest

Germany-based bitcoin miner Northern Data expects revenues of €190 million to €194 million ($201.4 million to $205.64 million) in 2022.

The information was released by Northern Data CEO Aroosh Thillainathan. shareholder letter December 21st. 189.9 million euros in the previous year ($194.934 million) 1.11%.

The company expects earnings of €, according to the report40-75 million ($43 million to $80 million in 2022), excluding interest, tax, depreciation and amortization (EBITDA).

As reported, the company can generate over 300 bitcoins monthly with 3.3 EH/s of available computing power. Considering his upcoming ASIC miner and power contract output of around 13,000 in the coming months, the CEO noted that bitcoin production could mathematically reach 500 BTC, he said.

Hard Times for Bitcoin Miners

Thillainathan noted that the cryptocurrency market has been volatile since the beginning of the year, with the price of Bitcoin (BTC) dropping more than 60%. Nevertheless, the company retained its position, according to the CEO. Thirainata says:

“We expanded our bitcoin mining operations in 2022 and achieved success in an environment simultaneously impacted by the collapse of the bitcoin price, the extreme rise in electricity prices, and high hashrates.”

In addition to discussing current market conditions, Thillainathan also noted that investors are losing money because of “high expectations.” However, he also noted that Northern Data has no financial debt.

On December 21st, leading Bitcoin mining company Core Scientific filed for bankruptcy due to large pending debts. The CEO realized there was an opportunity to scale in these market conditions. Thirainata says:

“So we intend to use this situation to our advantage, as we did in 2020: a very favorable time of entry, uncertain global economy, capital market volatility and restructuring of blockchain networks for the future. .”

Another US Bitcoin miner, Greenridge, is also undergoing a restructuring effort to avoid bankruptcy during a troubling time for miners.

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