Bitcoin miner Northern Data says production increased by 315% Y/Y in 2022
According to Northern Data AG, it generated a total of 2,798 BTC in the fiscal year 2022.
Northern Data AG, a German company that specializes in Bitcoin mining and cloud computing, has released earnings results for its mining division.
Northern Data AG said that in fiscal 2022, it mined 2,798 Bitcoin (BTC), up 315% from the previous year. This led to BTC mining revenues of 77.7 million euros in fiscal 2022. The company sold 3,005 BTC sold in 2022 for an average price of 23,849 euros, contributing to a cash revenue of 71.7 million euros.
The data released by Northern Data also indicated that it had approximately 3.6 exahash a second (EH/s) of computing power dedicated to BTC mining. Additionally, the company said it expects unaudited consolidated revenues in the range of 190 million to 194 million euros, with earnings before interest, taxes, depreciation and amortization (EBITDA) “adjusted for the trading loss from the sale of cryptocurrencies” of 40 million to 50 million euros.
However, December was a challenging month for Northern Data. The company mined a total of 177 Bitcoin, down 15% from November and down 25% from December 2021. This was due to high energy prices, particularly in Europe, which caused the deployed ASIC machines in Europe to have set amounts of “downtime” where they were unable toproduce continuously.
The firm said it is relocating its ASIC machines to “energy price optimized locations” to ensure production stability and optimal capacity utilization in an attempt to reach its production target of 350 BTC per month.
Related: Public Bitcoin mining companies plagued with $4B of collective debt
On Jan. 6, Cointelegraph reported that one of the largest Bitcoin mining operations in North America, Marathon Digital Holdings, has been experimenting with overclocking to increase its competitive advantage in the BTC mining industry.
According to an update issued by Marathon Digital Holdings, it produced 475 BTC in December, bringing its total mined Bitcoin in the fiscal 2022 to 4,144 BTC, a 30% increase from the 3,197 BTC produced in fiscal 2021.
Recently, some Bitcoin mining companies have faced challenges due to the increasing difficulty of mining and the price of electricity. This has caused a decline in mining profitability and led some miners to shut down their operations. Others have reported significant revenue growth and increases in mining power, thanks to better mining hardware and mining software optimization.
