Northern Data reports 22% revenue increase in Q2 despite Bitcoin halving

Northern Data announced that its second-quarter revenue rose 22%, beating expectations despite the impact of the Bitcoin halving.

European Bitcoin (BTC) mining company Northern Data announced its Q2 results, published today, August 6, announcing a 22% increase in revenue despite the challenges brought on by the Bitcoin halving. The company reported Q2 revenue of €26 million, driven by the performance of its cloud platform and investments in its data center footprint and mining facilities.

Northern Data CEO Aroosh Thillainathan highlighted the company’s progress in advancing its high-performance computing capabilities and leveraging partnerships to support the growing demand for HPC and generative AI.

“We are well capitalized entering the second half of the year and continue to build advanced and scalable operations to support the growing demand for HPC and the productive AI explosion in 2024 and beyond.”

Aroosh Thillainathan

The Frankfurt-based company reported total revenue of €55 million in the first half of 2024, up 49% YoY. The company attributed the growth to the launch of NVIDIA H100 GPUs, which boost the company’s cloud performance, accounting for 46% of Northern Data’s Q2 revenue.

Northern Data’s IPO journey

In mid-July, Northern Data’s 2023 financial results report forecast a potential triple of 2023 results to €240 million in sales this year, as the company invests heavily in HPC solutions for artificial intelligence. The company also raised €214 million by issuing 10.7 million new shares aimed at expanding its cloud platform and physical data centers across Europe and the US

Northern Data’s increased operational activity coincides with plans for an initial public offering for its combined AI cloud computing and data center businesses in the U.S. next year. As Crypto.news previously reported, the IPO could potentially boost the organization’s value to between $10 billion and $16 billion, with the possibility of selling a minority stake in the unit to investors ahead of the listing.