DGAP-News: Northern Data AG
/ Key word(s): Monthly Figures/Cryptocurrency / Blockchain
PRESS RELEASE / IR RELEASE
All monthly figures are unaudited and might include rounding and billing differences for cryptocurrency production (in particular, in relation to hosting customers).
GPU server systems, with more than 223,000 GPUs, have been fully operational since the end of last year. A total of 4,331 ETH were generated in June 2022.
The company sold its Ethereum and Bitcoin holdings for approximately EUR 126 million between May and June: 48,616 ETH for around EUR 80 million, resulting in an average price of EUR 1,646 or USD 1,745 per ETH. 1,591 BTC were sold for around EUR 46 million at an average price of around EUR 28,682 or USD 30,403 per BTC.
“Current global economic and political developments are not leaving crypto markets unaffected,” explains Aroosh Thillainathan, CEO of Northern Data, and continues: “We have always prudently managed our risk exposure in crypto mining. Due to the high efficiency of our data centers, forward-looking site selection, and long-term contracts with our power suppliers, our cost structure is stable and competitive. After all, keeping production costs as low as possible is paramount in crypto mining. Enabling us to profit from opportunities the current dislocation creates. By selling our ETH and BTC holdings between May and June at prices well above the current levels, we enhanced our liquidity position. Until further notice, we will also sell all mined coins on a day-to-day basis to focus on cash generation. We expect great opportunities to arise in this environment and we are ready to take advantage where we see fit to our strategy.”
President and CFO Christopher Yoshida adds: “However, crypto mining is just one business line of Northern Data. Beyond the crypto space, we are executing well on our Cloud Computing capabilities. More updates on our comprehensive Cloud offering can be expected in the coming months.”
07.07.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Northern Data AG|
|An der Welle 3|
|Phone:||+49 69 34 87 52 25|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich (m:access), Stuttgart, Tradegate Exchange|
|EQS News ID:||1392491|
|End of News||DGAP News Service|