Northern Data announced that its revenue in the second quarter surged by 22%, defying expectations despite the impact of the Bitcoin halving.

European Bitcoin (BTC) mining company Northern Data has rolled out its Q2 results published today, Aug. 6, boasting a 22% increase in revenue despite the challenges posed by the Bitcoin halving. The company reported Q2 revenue of €26 million, driven by performance from its cloud platform and investments in its data center footprint as well as mining facilities.

Northern Data’s CEO Aroosh Thillainathan emphasized the company’s progress in enhancing its high performance computing capabilities and leveraging partnerships to support growing demand for HPC and generative artificial intelligence.

“We are well capitalized heading into the second half of the year, and are continuing to build sophisticated and scalable operations to support the growing demand for HPC and the generative AI boom in 2024 and beyond.”

Aroosh Thillainathan

For the first half of 2024, the Frankfurt-headquartered company achieved a total revenue of €55 million, up 49% year-on-year. The company attributed its growth to the rollout of NVIDIA H100 GPUs, which boosted the company’s cloud performance, which accounted for 46% of Northern Data’s Q2 revenue.

Northern Data’s road to IPO

In mid-July, Northern Data’s 2023 financial results report estimated sales to potentially reach €240 million this year, tripling its 2023 results as the company heavily invests in HPC solutions for artificial intelligence. Additionally, the company raised €214 million by issuing 10.7 million new shares, aimed at expanding its cloud platform and physical data centers across Europe and the U.S.

Northern Data’s increased operational activities coincide with its plans of an initial public offering for its combined artificial intelligence cloud computing and data center businesses in the U.S. next year. As crypto.news reported earlier, the IPO could potentially value the entity between $10 billion and $16 billion, with the possibility of selling a minority stake in the unit to investors prior to the listing.