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Germany-based bitcoin miner Northern Data forecasts revenue of $190-194 million ($201.4 million-$205.64 million) for the year 2022.
The information was made public by Aroosh Thillainathan, CEO of Northern Data, in a December 21 letter to shareholders. In the middle of the range, expected revenue was 1.11% higher than the previous year’s $189.9 million ($194.934 million).
According to the report, the company expects a profit of 40 to 75 million ($43 to 80 million) for 2022, excluding interest, taxes and amortization (EBITDA).
As mentioned, the company can generate more than 300 Bitcoins per month with its available computing power of 3.3 PE/s. Considering the production of the approximately 13,000 ASIC miners to come and the electricity contracts in the coming months, the CEO noted that the production of bitcoins could mathematically reach 500 BTC.
A tough time for bitcoin miners
Thillainathan noted that the crypto market has been volatile since the start of the year, with Bitcoin (BTC) prices falling by more than 60%. Nevertheless, the firm held firm, according to the CEO. Thillainatha said:
We expanded our Bitcoin mining business in 2022 and managed to hold ground in an environment that was simultaneously impacted by collapsing Bitcoin prices, extreme increases in electricity prices and high hash rate.
Along with discussing current market conditions, Thillainathan also touched on investors losing money due to “high expectations. However, he also noted that Northern Data has no financial debt.
On December 21, major Bitcoin mining company Core Scientific filed for bankruptcy due to its large pending debts. The CEO noticed an opportunity to scale in these market conditions. Thillainatha said:
“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 in the capital market and a realignment of the blockchain network for the future.”
Another American bitcoin miner, Greenridge, is also being restructured to avoid bankruptcy in a troubling time for miners.
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