Northern Data AG, Europe’s largest Bitcoin mining company, has received €575 million in funding from Tether. This support will enable this European leader to strengthen innovation in mining across three major sectors.
Northern Data AG receives funding from Tether
Tether the issuer of the stablecoin USDT, comes to the rescue of crypto mining players. Last November 2nd, Northern Data AG a announced that it has received debt financing of 575 million euros from Tether. The financing runs until January 2030, reads the European mining giant’s press release.
This financing should help Northern Data AG to develop three important sectors for its mining business. First and foremost, the company intends to devote its efforts in its subsidiary companyTaiga Cloud to further expanding its offering as a provider of generative artificial intelligence cloud services in Europe. To this end, the Bitcoin mining giant plans to acquire additional specialized hardware.
The company also intends to expand the branch of subsidiary Ardent Data Centers specialized in High Performance Computing (HPC) to meet the ever-growing needs of the data centers and cloud computing. This is expected to improve the company’s operations and expand its data center portfolio and infrastructure.
Finally, the new funding is also intended to boost the Peak Mining sector with a new cooling technology that delivers more optimal yields.
Tether’s funding should enable Northern Data AG to innovate in the mining sector! In this respect, and given the importance of mining in the ecosystem, this financial support is to be welcomed.
This is also an opportunity to invite other crypto players to get involved in the mining sector, in order to support the decentralization and security of blockchain networks. Binance, for example, had already done so almost a year ago. At the time, the exchange implemented a $500 million fund to finance cryptocurrency miners for 5-10% interest.
However, in the face of such powerful innovations, strong investment requirements and economies of scale, how can blockchain networks further decentralize by soliciting contributions from independent individuals such as you and me?
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.