Bitcoin miner Northern Data says production increased by 315% Y/Y in 2022
Northern Data AG, a German company that specializes in Bitcoin mining and cloud computing, released its December 2022 results for its mining division.
According to Northern Data AG, in the fiscal year 2022, it mined a total of 2,798 BTC, a significant increase of 315% compared to the previous year. This led to BTC mining revenues of EUR 77.7 million in the fiscal year 2022. The average sale price of the 3,005 BTC mined and sold in 2022 was EUR 23,849, contributing to a cash revenue of EUR 71.7 million.
The data released by Northern Data also indicated that it had approximately 3.6 EH/s of computing power dedicated to BTC mining. Additionally, the company said it “expects unaudited consolidated revenues in the range of EUR 190-194 million and EBITDA adjusted for the trading loss from the sale of cryptocurrencies of EUR 40-50 million (unaudited) for fiscal 2022.”
However, December 2022 was a challenging month for Northern Data. The company mined a total of 177 Bitcoin, which was a 25% YoY decrease, and a 15% MoM decrease. This was due to high energy prices, particularly in Europe, which caused the deployed ASIC machines in Europe to have set amounts of "down time" where they were unable toproduce continuously.
Despite the challenges, the firm is in the process of relocating its ASIC machines to “energy price optimized locations”, to ensure production stability and optimal capacity utilization, to reach its targeted production of 350 BTC per month.
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