Northern Data AG announces its acquisition of the bitcoin mining operation Bitfield N.V. in a stock-for-stock deal. The high-performance computing (HPC) infrastructure provider and bitcoin mining firm says the company will get 33,000 of the latest generation ASIC bitcoin miners.
Northern Data AG Firm Gets Access to Deployable ASIC Mining Rigs
On Sept 27, Northern Data AG acquires the operation Bitfield. However, The Bitcoin network hashrate hovers above the 140 exahash per second (EH/s) handle. Meanwhile, this is because of much competition and operations around Bitcoin mining.
Most bitcoin miners targets a more more energy efficient functionality. Thousands of ASIC bitcoin miners see massive adoption and acquisitions in 2021.
Of course, this acquisition will allow Northern Data to get 33,000 ASIC bitcoin miners through the arrangement.
“Northern Data will acquire an equity interest of up to 100% (but not less than 86%) in Bitfield N.V…”
“…for a total enterprise value of up to approximately EUR 400 million and has signed binding purchase agreements with the major shareholders today,”
the company announced.
Furthermore, it will have immediate access to Bitfield’s deployable ASIC mining rigs. Also, to current hardware with over 6,600 high-performance ASIC miners already functional.
“Commissioning schedule for deployment of another already available 26,000 brand-new miners,”
“…primarily at sites in North America, is expected to be completed by end of Q1 2022,” more details
5.1 Million Shares in Northern Data AG
Notably, The transaction between both parties will be a “stock-for-stock transaction. Additionally, there will be an issuance of up to 5.1 million shares in Northern Data AG.
Meanwhile, the primary location of all the bitcoin mining sites are in Canada and the U.S.A. As the announcement reveals more details.
Also, The company is ready to increase in the number of ASIC miners and GPU server systems in the future.
“The takeover of Bitfield is an important pillar of our scalable growth strategy,”
Aroosh Thillainathan, the founder and CEO of Northern Data AG notes
“With this acquisition, we add bitcoin mining to our three existing businesses – bitcoin hosting…”
“…and services, altcoin mining and cloud computing – and achieve an even greater increase in value, not least of all because of the trend in mining profitability.”
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