Northern Data Acquires Bitcoin Mining Company Bitfield

Bitfield’s computing power for bitcoin mining will total approximately three exahashes upon completion of installation.

Northern Data, a blockchain infrastructure company, announced on Monday that it will acquire an equity interest of up to 100% in Bitfield N.V., a Bitcoin miner, but not less than 86%. The transaction has a total enterprise value of around EUR 400 million, as both parties had already signed binding purchase agreements with the major shareholders.

According to the press release, the acquisition involved the purchase of 33,000 ASIC miners. Moreover, the ASIC hardware includes 6,600 ASIC miners already installed and operational in Northern Data’s mobile high-performance data centers located in the United States. That said, the installation of all ASIC miners acquired under the deal in Canada and the US will be completed by the end of the first quarter of 2022.

“The takeover of Bitfield is an important pillar of our scalable growth strategy. With this acquisition, we add Bitcoin mining to our three existing businesses, Bitcoin hosting and services, Altcoin mining, and Cloud Computing, and achieve an even greater increase in value, not least of all because of the trend in mining profitability. For me, it is a great pleasure to welcome the great team of Bitfield to Northern Data, and I am excited to pursue our success story together,” Aroosh Thillainathan, Founder and CEO of Northern Data AG, commented on the announcement.

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Total Northern Data Exahashes

After the installation has been completed, Bitfield’s computing power for Bitcoin mining will total around three exahashes, with Northern Data accounting for approximately six exahashes of mining capacity. Also, Northern Data said that 10,000 ASIC miners are expected to be delivered to Digihost, their hosting customer, by the end of the year.

Last year, as Finance Magnates reported, Northern Data entered into a strategic partnership with SBI Crypto, a subsidiary of Japanese conglomerate SBI Holdings. SBI crypto is a wholly-owned subsidiary of the financial giant ABI Group and primarily focuses on the digital asset mining business.

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