**Northern Data Group Eyes AI Expansion, Considers Divesting Crypto Mining**
Germany-based Northern Data Group is exploring the sale of its cryptocurrency mining business, Peak Mining. The company announced on October 21 that it has begun negotiations with potential buyers. However, the sale will depend on market conditions.
Proceeds from the potential sale would be funneled into enhancing Northern Data's AI and high-performance computing (HPC) units. The company aims to bolster its AI product platform, acquire new data centers, and purchase additional AI GPUs.
Tether, which owns around 46% of Northern Data, has been a significant investor, providing $610 million in debt financing in November 2023. Northern Data is also considering a public offering in the first half of 2025 to list its Taiga and Ardent branches on the Nasdaq.
Northern Data earned âŹ59 million in Q3, with âŹ52 million from AI and HPC. CEO Aroosh Thillainathan emphasized the company's commitment to AI and HPC, stating, "Weâve doubled down on our AI and HPC ambition."
Tether, meanwhile, is expanding its mining operations in Uruguay, Paraguay, and El Salvador, and has shown interest in AI since March.