High-performance blockchain and data processing company, Northern Data, has announced the acquisition of Bitcoin miner Bitfield.
According to a press release issued on September 27, all major shareholders have signed a binding agreement to purchase the entire Bitfield plant, which will be sold for approximately $460 million. Northern Data will acquire an 86% to 100% stake in Bitfield under the agreement.
Northern Data claims that this acquisition has made it “the world’s leading bitcoin miner,” with the company gaining immediate access to 6,600 ASIC miners. At the beginning of the second quarter of 2022, 26,000 new miners are expected to be deployed, mainly to sites in Canada and the United States.
“With this acquisition, we are adding bitcoin mining to our three existing businesses — bitcoin hosting and services, altcoin mining and cloud computing,” said Arosh Tillenathan, founder and CEO of Northern Data AG.
Norther Data Management expects revenue to be approximately $210 million to $260 million by 2021.
Related: Greenidge Bitcoin Miner Listed on Nasdaq After Merger
Bitcoin mining difficulty has grown in the past two months from 85 million terahashes per second on July 3 to 140 million terahash per second on September 21, according to Seven Days. Rate. The highest level since the beginning of June. At the time of writing, the Bitcoin network has a total hash rate of 136 million.
After China launched a war against bitcoin mining, the difficulty of bitcoin mining fell sharply as Chinese miners left the network, but the recent increase in hashing speed shows that miners are back online.