PANews reported on November 28 that Northern Data AG is close to reaching a deal to sell its cryptocurrency mining business, according to Bloomberg. The company hopes to take advantage of the rise in Bitcoin in November to profit. According to Northern Data Chief Financial Officer Elliot Jordan, the company has hired bankers, invited bidders to make offers, and is currently reviewing various proposals. "The best way to describe it is 'in progress,'" Jordan said in a speech at the German Equity Forum on Wednesday. "We are currently receiving offers from multiple different parties, and progress is going well." Jordan said Northern Data did not value the business, but it was reportedly valued at $300 million to $500 million before the rise in Bitcoin. He told investors: "Obviously, now is the best time to sell this business."
Northern Data, whose main shareholder is stablecoin issuer Tether, is seeking to free up funds to expand its artificial intelligence services business, a shift many miners are exploring after an April bitcoin software update that halved their main source of revenue.
Earlier in October, it was reported that Northern Data planned to sell its crypto mining division Peak Mining .
