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Bitcoin miner Northern Data says it has no financial debt and expects $204 million in revenue in 2022

Bitcoin miner Northern Data says it has no financial debt and expects $204 million in revenue in 2022

#Bitcoin #miner #Northern #Data #financial #debt #expects #million #revenue Welcome to InNewCL, here is the new story we have for you today:

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According to a new letter to shareholders published Dec. 21, Aroosh Thillainathan, CEO of German bitcoin (BTC) miner Northern Data, said the company expects to generate $202 million to $206 million in crypto revenue this year -Achieve mining operations. At mid-range, that represents 1.11% growth over Northern Data’s total revenue of $202 million for fiscal 2021, when the company grew revenue tenfold from 2020. Thillainathan added:

“Northern Data has no financial debt and therefore has access to a unique opportunity to solidify and expand our current position in BTC mining while scaling cloud solutions and colocation services. We see significant opportunities in HPC [high-performance computing] Markets we target.”

The blockchain CEO also stated that investors should expect adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to be between $43 million and $80 million. In 2021, Northern Data posted EBITDA of $95.2 million, with the unadjusted numbers being even higher due to special items such as refunds on U.S. subsidiary Whinstone’s electricity contracts from weather-related power outages and the effects of the sale of its Whinstone -Daughter.

Thillainathan explained that the broad lack of growth in his business forecasts is due to a combination of “+46% YTD [year to date]“Hash rate surge,” “BTC prices are down over 60% year-to-date,” and “extreme spike in electricity prices.”

German electricity prices have skyrocketed in the past year | Source: Trade Economics

Looking ahead, Thillainathan announced that the company has contracted around 13,000 application-specific integrated circuit (ASIC) miners with appropriate power contracts in the coming months. “Northern Data’s monthly BTC production could already be around 500 BTC (at the current mining difficulty). Because with energy costs of around EUR 0.03/kWh, the production of a bitcoin costs around EUR 10,000 and thus high profitability at the current BTC price is still possible,” wrote the CEO.

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