An insolent success – The competition is rough among the minors of bitcoins (BTC). And the fall in prices suffered by the cryptocurrency market in 2022 has of course not helped. Some of these miners even seen their economic model threatened. Despite this greyness, the German crypto-mining company Northern Data surprisingly got away with it. well out last year (at least, before December).
Better production of bitcoins despite the crypto winter
Northern Data AG is a German company specializing in both the bitcoin mining on the one hand, and in cloud solutions on the other. It has just published its results for the year 2022, and contrary to what the current crypto winter could have been feared, Northern Data has been able to pull out of the game.
Indeed, Northern Data managed to mine a total of 2,798 BTC over the past year, an increase of +315% compared to 2021. In all, these mining revenues generated €77.7 million income to the German company.
Faced with falling prices, the company still had to secure your earnings, and sell some of his BTCs, including those previously earned. Northern Data has thus sold 3,005 BTC, at an average price of around 23,850 euros. It must be said that the company has now reached computing power (hashrate) more than respectable 4.02 PE/s (exahash per second).
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A cost of energy such in Europe that it forces Northern Data to relocate
However, this production of bitcoins has not been without difficulty. Northern Data thus explains that its production for December 2022 has not could not be done continuously. In effect, the explosion of energy pricesbecause of the anti-Russian sanctions, forced the company to carry out untimely stops of its mining machines (ASIC).
To the point that Northern Data explains that it now has to withdraw from Europe its ASICS, if the crypto-mining company is to meet its 2023 goals of 350 bitcoins products per month.
“Partly due to high energy prices, particularly in Europe, the ASIC machines deployed in Europe were subjected to defined amounts of ‘downtime’, and were unable to produce continuously. The company is in the process of relocating these ASIC machines to places where energy prices are optimized. »
Northern Data will no doubt be not the last Bitcoin miner from Europe. Because in addition to price hostility, there is regulatory hostility. Indeed, the European Commission would dream of being able to simply prohibit mining of bitcoins and other consensus-based cryptocurrencies by proof of work (PoW).
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