Northern Data Group is planning to sell its cryptocurrency mining business. The Germany-based company announced that it has begun talks to divest Peak Mining. If the sale goes through, the proceeds will be invested in artificial intelligence and high-performance computing units. The company’s main shareholder is stablecoin issuer Tether.

Northern Data said the sale of Peak Mining is tied to the cryptocurrency market. After the sale, it will continue with its Taiga cloud computing and Ardent data center arms.

Tether owns 46% of Northern Data and provided the company with $610 million in debt financing. Northern Data plans to IPO on Nasdaq in the first half of 2025.

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