- Northern Data, Europe’s biggest Bitcoin miner, sold its BTC and ETH assets for $128.4 million in May and June.
- Northern Data’s GPU server systems have been fully operating since 2021. June 2022 saw 4,331 ETH created.
- The miner said it bought part of its creditors in 2021 while paying off debts and sold a 300-megawatt site in Texas to reduce its debt.
Northern Data, which is the biggest Bitcoin mining firm in Europe, has just released an update on the company’s business operations for the month of June 2022. There were a total of around 239 Bitcoin minted, which is approximately 19 percent less than the amount generated the previous month. The amount of computing power that is currently available for mining Bitcoin in the month of June according to the company is around 3.5 EH/s.
Since the end of 2021, Northern Data‘s GPU server systems have been completely operational, each including more than 223,000 GPUs. The month of June 2022 saw the creation of a total of 4,331 ETH.
Between the months of May and June, the corporation liquidated its holdings of Ethereum and Bitcoin for roughly $128 million.
This included the sale of 48,616 ETH for around $81,556,000, which resulted in an average price of $1,745 per ETH. 1,591 Bitcoins were sold at an average price of around $30,403 each, bringing in a total of $46,894,700.
The CEO of Northern Data, Aroosh Thillainathan, says they have always prudently managed their risk exposure in crypto mining. By selling their ETH and BTC holdings between May and June at prices well above the current levels, they enhanced their liquidity position.
In related news, the mining company only recently said that it had purchased part of its creditors in 2021 while paying off debts and that it had also been able to significantly lower its debt via the sale of a 300-megawatt facility in Texas. The firm now owes $21,000,000 in debt, which it plans to pay off by August this year.
