Fun

Report: Bitcoin Mining Firm Northern Data AG Plans for a $500 Million IPO

News Feed - 2021-02-24 02:02:30

Report: Bitcoin Mining Firm Northern Data AG Plans for a $500 Million IPO


While the public prepares for the upcoming Coinbase public offering, the mining firm Northern Data AG is reportedly planning to go public as well. Sources say that the mining business is in talks with Credit Suisse Group to launch an initial public offering (IPO) in the United States. Report: Sources Say Northern Data AG IPO for $500 Million Is in the Works


Recent reports say that Northern Data AG, the mining operation that mines bitcoin (BTC), is planning to IPO in the near future. Bloomberg reveals that “sources familiar with the matter” have told the publication that Northern Data AG is “working with Credit Suisse Group AG.”


Northern Data claims to be one of the largest mining operations worldwide and on November 18, 2019, the German company teamed up with Whinstone US, Inc., a Louisiana-based firm.


At that time, Northern Data detailed that the merger agreement with its U.S. competitor Whinstone would position the firm as a “leading global player” in the bitcoin mining industry. Northern Data claims the mining site in the U.S. state of Louisiana will be “by far the largest bitcoin mining facility worldwide with a capacity of one gigawatt on an area of over 100 acres in Texas.”


The Bloomberg report reveals that Northern Data’s IPO could happen this year and the sale of the company’s shares would increase shareholders.


Northern Data’s shares already swap over-the-counter (OTC) on Deutsche Börse’s Xetra. Since bitcoin (BTC) prices tumbled during the last 48 hours, Northern Data’s shares sold on Xetra are down -11.51% today. However, the company’s stock has jumped 3x already this year alone since BTC’s climatic price rise. Company Aims to Complete 1-Gigawatt US Bitcoin Mining Operation by the End of 2021


Northern Data also reportedly owns and operates a renewable energy bitcoin mining site in Norway. The bitcoin mining operation is led by CEO Aroosh Thillainathan and the massive U.S. mining site is being constructed in three phases.


Besides the other mining sites, the Rockdale, Texas facility aims to be the company’s largest to date. With two more months left in Q1 2021, Northern Data is hoping to finish the 1-gigawatt establishment by the year’s end.


Back in 2019, Thillainathan, the cofounder of Whinstone US at the time, said “the joint [partnership] has the immediate potential to shape the future course of the global mining industry.” Reports of Northern Data’s alleged IPO follow the upcoming Coinbase direct sale, as the San Fransico company has been valued at $100 billion. Northern Data’s IPO aims to raise $500 million according to sources.


What do you think about Northern Data reportedly planning to IPO with Credit Suisse Group AG? Let us know what you think about this subject in the comments section below. Nvidia Limits the Efficiency of Mining Ether Using Its GPUs by 50% MINING | 2 days ago Bitcoin Hashrate Hits 180 Exahash, Mining Difficulty Climbs Higher, Pools Jump by 35% MINING | 2 days ago Tags in this story Aroosh Thillainathan, Bitcoin (BTC), Bitcoin mining, BTC, BTC Mining, crypto mining, initial public offering, IPO, mining bitcoin, Northern Data, Northern Data AG, Norway, rockdale, Texas, US IPO


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Why is Bitcoin price volatile today?
Kyle White5 hours agoWhy is Bitcoin price volatile today?Bitcoin price hit an all-time high, then profit-taking and a wave of liquidations sent the price tumbling.13146 Total views30 Total sharesListen to article 0:00Mar
‘Noxious Poison’ – Bitcoin’s Market Cap Surpasses Warren Buffet’s Berkshire Hathaway Valuation
"Noxious Poison" - Bitcoin"s Market Cap Surpasses Warren Buffet"s Berkshire Hathaway Valuation For many years, the business tycoon Warren Buffet has condemned bi
South African Firms Ordered to Cease Crypto Debit Card Scheme in 2 US States
South African Firms Ordered to Cease Crypto Debit Card Scheme in 2 US StatesTwo U.S. states have issued emergency cease and desist orders to South African firms and a South African
NYC Mayor Undeterred by FTX Collapse — Insists Crypto Is an Industry ‘We Must Embrace’
NYC Mayor Undeterred by FTX Collapse — Insists Crypto Is an Industry "We Must Embrace" The mayor of New York City, Eric Adams, is not discouraged by the collapse of crypto exchan
Turner Wright5 hours agoMetaMask launches feature to sell ETH for fiatThe sell feature on MetaMask Portfolio came roughly five months after the wallet allowed users to purchase crypto using fiat from bank accounts, PayPa
Bitwise files with SEC for spot Ether ETF listing
Turner Wright3 hours agoBitwise files with SEC for spot Ether ETF listingThe SEC approved investment vehicles tied to Ether futures in October but has not reached a decision about spot ETH exchange-traded funds on U.S. e
Helen Partz4 minutes agoSouth Korean Hana Bank enters crypto custody business with BitGoKEB Hana Bank and BitGo plan to launch a joint cryptocurrency custody venture in the second half of 2024.19 Total views14 Total shar
Ethereum Price Crash Incoming? Tron’s Justin Sun Unstakes $209 Million ETH From Lido Finance
Este artículo también está disponible en español. The Ethereum price could face some turbulence, as Justin Sun, the founder of Tron (TRX), has unstaked a whopping $209 mi
Wormhole Adds Binance Smart Chain Support to Network Bridge
Wormhole Adds Binance Smart Chain Support to Network Bridge During the first week of September, the Wormhole Network’s ethereum ↔ solana bridge was introduced to the
Bitso to Offset Carbon Emissions From the Trading Platform’s BTC, ETH, ERC20 Transactions
Bitso to Offset Carbon Emissions From the Trading Platform"s BTC, ETH, ERC20 Transactions On Friday, the Latin American cryptocurrency platform Bitso announced that the company pla
Sam Bankman-Fried’s bankruptcy narrative revealed in new court documents
Ana Paula Pereira6 hours agoSam Bankman-Fried’s bankruptcy narrative revealed in new court documentsA Google document attached to the U.S. government sentencing memorandum reveals “random probably bad ideas” Sam Ba
$33.14 Billion At Risk If The Bitcoin Price Hits $72,462, Here’s Why
Este artículo también está disponible en español. Crypto analyst Ash Cryptohas alerted the crypto community that $33.14 billion is at risk if the Bitcoin price reaches $7