Northern Data Focuses on AI, Considers Divesting Mining Business

Northern Data AG, a leader in AI and High-Performance Computing solutions, is intensifying its focus on AI by exploring the sale of its crypto mining division, Peak Mining. The move aligns with its strategy to concentrate on its expanding AI Solutions business. The potential divestment aims to transform Northern Data into a dedicated AI company, benefiting from Europe's largest Generative AI Cloud platform and a robust portfolio of data centers.

Financial results for Q3 2024 show continued growth in the AI sector, prompting plans to reinvest proceeds from any divestment into expanding AI offerings, including Dynamic Enablement Services. This would support software development, data center expansion, and acquisition of additional AI GPUs. Despite this shift, Northern Data remains committed to blockchain technology.

CEO Aroosh Thillainathan highlights the importance of finding a suitable buyer for Peak Mining, while COO Rosanne Kincaid-Smith emphasizes the company's commitment to leading AI innovation with sustainable solutions.