Northern Data, a top Bitcoin mining firm 2023 financial outcomes recently released financial outcomes that have drawn the interest of market players. This result highlights that the firm’s financial growth is on an upward bullish trajectory.
2023 Financial Results Beats Expectations
The Frankfurt-based Bitcoin miner had previously projected to reach a sale peak of £75 million by the end of 2023. But to its greatest surprise, it had tripled this expectation.
This significant milestone prompted the firm to aim for higher revenue growth of £200 million to £240 million for 2024, a substantial rise from 2023 financial revenue. Notably, the firm was reported to have hoped to raise $204 million in revenue in 2022. In addition, it expects to reach a tenfold surge of £570 million by 2025.
Northern Data Mulls IPO Launch for 2025
The Bitcoin miner revealed that this set goal is fueled by its venture into high-performance computing and AI cloud services. Notably, the firm is currently operating a large-scale crypto-mining facility in Europe and the United States.
But to gain access to the capital markets and attract more investors, the firm is making strategic moves to go public in the U.S. through an initial public offering (IPO) possibly by the end of 2025. Similarly, Kraken, a top trading platform, plans to raise $100 million in a pre-IPO round, with the aim to go public next year.
Before the firm expanded into AI, its main focus was on mining Ethereum. But Ethereum’s software update in 2022 had affected its revenue and that of Northern Data. Contributing to this was the legal issues it faced concerning funds misappropriation by its ex-staffs, however, the Bitcoin miner strongly refuted the allegations. This prompted the company to diversify into AI and high-performance computing to explore new opportunities.
AI to Revolutionize the Crypto World
The massive adoption of AI in the crypto industry has not gone unnoticed. The integration of AI into trading platforms has been seen to improve traders’ user experience and to help investors make informed information.
Impressively, at the World’s Fintech award ceremony held recently, AI was the key theme of the event. Similarly to the Northern Data move, Robinhood has expanded operations into the innovative world of AI. Impressively, Fetch.ai, a blockchain platform that uses AI to help people automate everyday tasks has recently combined blockchain technology with AI and machine learning capabilities.
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