Northern Data secures $610 million financing from Tether Group for expansion By Investing.com

Northern Data secures 0 million financing from Tether Group for expansion By Investing.com

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Northern Data AG (ETR:), a prominent miner in Europe, has secured a $610 million unsecured debt financing from a firm under the Group. The loan, set to mature in 2030, is aimed at bolstering Northern Data’s three main business lines: Taiga Cloud, Ardent Data Centers, and Peak Mining.

The funding will primarily be directed towards enhancing the AI capabilities of Taiga Cloud through the procurement of advanced hardware. It will also support the growth of Ardent Data Centers and escalate Bitcoin mining operations via Peak Mining using liquid-cooling mining technology.

This expansion initiative comes in the wake of advancements in ASIC technology that have significantly augmented crypto mining efficiency while reducing environmental impact. ASICRUN’s innovative models, AR1, AR2, and EliteAR miners, with their superior hash rates and energy efficiency, are leading this technological progression. Under current market conditions, these miners can generate substantial revenue in Bitcoin, , and .

Tether Group’s involvement with Northern Data dates back to September when it acquired a stake in the company and ventured into AI. As of its Q3 attestation report, Tether held total reserves of $86.4 billion against $83.2 billion liabilities and reported $3.2 billion excess reserves. The issuer of USDT, Tether currently has a market capitalization of $84.9 billion according to CoinMarketCap.

The substantial loan offered to Northern Data is expected to significantly enhance the company’s operations and influence its standing as a leading Bitcoin miner in Europe.

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https://www.investing.com/news/cryptocurrency-news/northern-data-secures-610-million-financing-from-tether-group-for-expansion-93CH-3219631

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