Northern Data acquired a company with 6,600 bitcoin miners

The cryptosphere is seeing the rise of mergers and acquisitions (M&A). One trend is that a bitcoin mining company enters into a partnership and equity swap with a corporation that is listed on the New York Stock Exchange. Through this collaboration, the various mining companies’ shares come into circulation on NASDAQ.
The purchase of a company that owns a fleet of bitcoin mining equipment is becoming a new word in the cryptosphere M&A. With the difficulties in global chip logistics, such a decision ensures that large bitcoin mining capacities are obtained on a turnkey basis and already in the moment. That’s exactly the step Northern Data has taken, which announced that it has signed an agreement to buy Bitfield, the organization that owns 6,600 bitcoin miners.

The deal is worth about $460 million, as a result of which Northern Data becomes the owner of a share of at least 86% of Bitfield’s equity, with the possibility of bringing it to 100%.

Northern Data also secured contracts for the delivery of 26,000 new miners to be placed at production sites in Canada and the United States early in the second quarter of next year. Together with Bitfield’s existing 6,600 miners, Northern Data plans to become “one of the leading global bitcoin mining companies.”

This line of business will be the fourth to Northern Data’s existing three: bitcoin blockchain services, altcoin mining, and cloud computing solutions, according to Arush Tilleinathan, the company’s founder and head. Financially, Northern Data’s operations are expressed in expected revenue for this year of $210 million to $260 million, which will include bitcoins generated through the work of 6,600 miners.