Northern Data has announced its intention to explore the possibility of selling its crypto mining business Peak Mining to focus on developing AI solutions.

Northern Data shifts focus from Bitcoin to AI

The company is in talks with interested parties regarding the potential sale of Peak Mining. This decision comes amid growing revenues from its AI solutions, which have been increasing for three consecutive quarters in 2024. Northern Data Group Founder and CEO Aroosh Thillainathan emphasized the importance of finding the right steward for the mining division as the company transitions to AI innovation. Meanwhile, Northern Data reported revenues of €26 million and €59 million for the second and third quarters of 2024, respectively, without providing a breakdown by business segment.

Reinvesting in AI infrastructure

Northern Data plans to allocate proceeds from the potential sale to its AI product platform development. These funds will be used to enhance services and acquire additional AI GPUs. This aligns with the company's prior moves in the AI sphere, including backing from Tether for Nvidia GPU investments.

Future of Northern Data

Despite the potential sale of its mining operations, the company asserts it remains committed to achieving a 7.9 EH/s hashrate by the end of 2024. However, the provision of monthly production updates has ceased.

Northern Data's strategic shift underscores the significance of advancing AI technologies. Despite moving away from certain crypto operations, the company's investments in AI demonstrate its commitment to leading in this field.