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Northern Data Acquires Bitcoin Mining Company Bitfield

Northern Data, a blockchain infrastructure firm, announced Monday that it would acquire an equity stake of up to 100% at Bitfield N.V. (a Bitcoin miner), but not less than 86%. As both parties have already signed binding purchase contracts with major shareholders, the transaction will bring about a total enterprise value in excess of EUR 400 million.

According to the press release, 33,000 ASIC miners were purchased in the acquisition. ASIC hardware also includes 6,600 ASIC miners that are already operational in Northern Data’s high-performance mobile data centers in the United States. The installation of all ASIC miner purchased under the deal in Canada or the USA will be complete by the end the first quarter 2022.

“The acquisition of Bitfield is an important part of our scalable growth strategy. This acquisition will add Bitcoin mining to our existing businesses, Bitcoin hosting, services, Altcoin mine, and Cloud Computing. We also achieve a greater increase in value due to the rising trend in mining profitability. It is a great pleasure for me to welcome Bitfield to Northern Data. I am also excited to continue our success story together,” Aroosh Thalainathan, founder and CEO of Northern Data AG commented on the announcement.

Total Northern Data Exahashes

Bitfield will have approximately three exahashes of computing power for Bitcoin mining after the installation is complete. Northern Data accounts for six exahashes. Northern Data also stated that Digihost, their hosting client, will receive 10,000 ASIC miners by the end.

Finance Magnates reported last year that Northern Data formed a strategic partnershipwith SBI Crypto, a Japanese conglomerate SBI Holdings. SBI Crypto is a wholly owned subsidiary of ABI Group, and focuses primarily on digital asset mining.

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