BTC mining firm Northern Data AG earned 77.7 million euros in 2022

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Northern Data AG, a German firm focused on Bitcoin mining and cloud computing, has announced the financial results of its mining operations. They mined 2,798 Bitcoins in the 2022 fiscal year, which is a 315 percent increase from the previous year.

Northern Data generated 77.7 million euros in revenue from BTC mining in 2022. Additionally, the company sold 3,005 Bitcoins for a mean price of 23,849 euros, resulting in a cash revenue of 71.7 million euros.

Northern Data also shared in their data release that they had 3.6 exahash per second of computing power allocated to Bitcoin mining. They also projected that their consolidated revenues would be between 190 million to 194 million euros, and their EBITDA adjusted for losses from crypto trading would be between 40 million to 50 million euros.

However, December was a difficult month for Northern Data. They mined 177 Bitcoins, which is a 15 percent decrease from November and a 25 percent decrease from December of the previous year.

The decline was caused by high energy prices, which led to some of the ASIC machines being out of service at certain times, unable to produce continuously. The company stated that it is moving its ASIC machines to locations with more favourable energy prices to improve production stability and optimise capacity utilisation in order to reach its goal of mining 350 Bitcoins per month.