Bitcoin has reached insurmountable heights in recent times, with leading tech behemoths and gargantuan financial firms having taken note of the cryptocurrency and integrating it into their business in some form. With the rise in Bitcoin popularity, Bitcoin mining is also gaining a lot of traction as it is turning out to be a highly gainful process. Understanding the possibilities in the field, leading banks are backing Bitcoin mining businesses.
Now Credit Suisse is supporting Northern Data is rolling out a $500 Million IPO.
Northern Data To Launch IPO in the US
Northern Data, a bitcoin mining firm based in Germany, is planning to launch an IPO to raise $500 Million, and Credit Suisse is backing the firm in its initiative. The IPO launch in the United States was announced yesterday, first reported by Bloomberg. As per the report, the IPO sales will initiate in the second half of 2021. Currently, leading investors in the project include Block. One and Cryptology Asset Group.
Galaxy Digital’s Mike Novogratz is also one of the investors in the firm. The IPO will help increase the visibility of Northern Data in global markets. Northern Data is in the outskirts of Frankfurt, the areas feasible for Bitcoin Mining due to low power charges. The firm also has a facility in Texas where the company has estimated to achieve a capacity of 1GWh by the end of this year. The firm is listed on the Deutsche Borse Xetra trading platform with the ticker NB2. Northern Data has grown enormously in the last year, with its valuation tripled in the German over the counter market.
The firm is headed by CEO Aroosh Thillainathan and is a leading mine operator on behalf of clients. As the price of Bitcoin is surging to newer heights amid few dips, the prospects for the Bitcoin Mining industry are substantially bright.
Bitcoin Miners have gained more than $1 billion in the last one month as the price of cryptocurrency reaches new heights.
As the price of Bitcoin reaches its heights, the mining sector has also seen great demand. Over the last few years, the Bitcoin mining difficulty has increased to a massive high of 21.72 trillion; the hash rate has increased to 180 exahash.
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