Germany-based Bitcoin miner Northern Data forecasts €190M revenue for 2022

Bitcoin miner Northern Data, based out of Germany,  anticipates revenue of €190-194 million ($201.4 million to $205.64 million) for the year 2022.

Information has been made public by Aroosh Thillainathan, CEO of Northern Data, in a shareholders letter on Dec. 21.  At the midpoint range, the expected revenue exceeded the previous year’s €189.9 million ($194.934 million) by 1.11%.

According to the report, the firm expects earnings of €40 – 75 million ($43 – $80 million) for 2022, excluding interest, taxes, and depreciation (EBITDA).

As reported, the firm can generate more than 300 Bitcoin per month with its available computing power of 3.3 EH/s. Considering the output of the roughly 13,000 upcoming ASIC miners and power contracts in the coming months, the CEO noted that bitcoin production could reach 500 BTC mathematically.

A hard time for Bitcoin miners

Thillainathan noted the crypto market has been unstable since the beginning of the year, with Bitcoin (BTC) prices dropping more than 60%. Nevertheless, the firm held its ground, according to the CEO.  Thillainatha said:

“We have expanded our Bitcoin mining business in 2022 and successfully held ground in an environment that has been simultaneously impacted by collapsing Bitcoin prices, extreme increases in electricity prices, and hash-rate high.”

In addition to discussing the current market conditions, Thillainathan also touched on investors losing money because of “great expectations.” However, he also noted that Northern Data has no financial debt.

On Dec. 21, major Bitcoin mining firm Core Scientific filed for bankruptcy due to its significant pending debts. The CEO noticed an opportunity for scaling in these market conditions.  Thillainatha stated:

“Therefore, we again intend to use this situation, as we did in 2020, to our advantage: a very favorable entry time, an uncertain global economy, volatility on the capital market, and a realignment of the blockchain network for the future.”

Another U.S. Bitcoin miner, Greenridge, is also undergoing restructuring efforts in order to avoid bankruptcy in a troubling time for miners.

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