Northern Data, owned by Tether, considering the sale of Bitcoin mining company Peak

Northern Data Group announced on Monday that it intends to sell its bitcoin mining business, Peak Mining, as it plans to strengthen its AI offering.

Most are owned by stablecoin giant Tether, an AI and high-performance computing (HPC) solutions firm exploring peak mining. [its] AI Solutions Business, “North Data he said. In a statement on Monday.

The transfer will allow Northern Data to build its portfolio of Generative AI cloud platforms and data centers, making it a “pure-play AI solutions business,” the firm said.

“Our goal is to provide our customers with a seamless AI ecosystem where they can find smart and sustainable solutions,” North Data Group COO Rosanne Kincaid-Smith said in a statement Monday.

It is unclear when Northern Data intends to sell Peak Mining and how much it expects the sale to bring. Northern Data did not immediately respond. DecryptYour request to comment on the matter.

The company plans to invest any proceeds from the potential sale of Peak Mining into the development and growth of its AI product platform, including new software tools and various managed services. It is also considering investing in more data centers and GPUs to power AI computing.

Revenues of 26 million euros (about $28 million) and 59 million euros (about $64 million) in the second and third quarters of 2024, respectively, according to the company's financial data. Report It was released last week. Undistributed revenue by business vertical comes from the company's combined data center, cloud and bitcoin mining operations.

The company's play to pick up data facilities is due to the fact that energy consumption is expected to increase globally, especially due to the increasing use of AI-powered devices.

A Goldman Sachs research report was published in May 2024 It shows Energy demand from data centers could grow 160% by 2030 due to the use of AI. Processing Chat GPT queries requires roughly 10 times the electricity to generate a Google search, the report said.

Edited by Andrew Hayward.