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The operator of the world's largest bitcoin mine is looking to raise half a billion via a US listing later this year, report says

Published by Business Insider on Tue, 23 Feb 2021


<p><img src="https://static2.businessinsider.com/image/6034f2b5bed5c50011a2bfed-2400/GettyImages-1231249876.jpg" border="0" alt="GettyImages 1231249876" data-mce-source="SOPA Images/Getty Images" data-mce-caption="The bitcoin price has soared in 2021"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul class="summary-list"><li>German firm Northern Data plans to raise $500 million via a US listing later this year, Bloomberg reported.</li><li>The company's facility in Rockdale, Texas is the world's largest crypto mine.</li><li>It first started out as a bitcoin miner in 2009, but later transitioned to operating mines on behalf of clients.</li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul><hr><p>Frankfurt-based <a href="https://markets.businessinsider.com/stocks/ndtaf-stock">Northern Data</a> AG, the operator of the world's largest bitcoin mine, is planning a US listing that could raise as much as $500 million, <a href="https://www.bloomberg.com/news/articles/2021-02-22/bitcoin-mine-operator-is-said-to-plot-dual-listing-via-u-s-ipo">Bloomberg reported</a> on Monday.&nbsp;</p><p>The listing, which could expand the firm's shareholder and client base, could take place later this year, Bloomberg said, citing sources.</p><p>Northern Data has been trading on Germany's over-the-counter market since 2015, where its value has risen 267% in the past 12 months. The company's stock was last down 9%, at 114 euros ($138) per share. Some shareholders include Cryptology Asset Group and entrepreneur Brendan Blumer's Block.One.</p><p><img src="https://static4.businessinsider.com/image/6035025dd92088001859173c-1324/Screenshot 2021-02-23 at 132525.png" border="0" alt="Screenshot 2021 02 23 at 13.25.25" data-mce-source="Markets Insider"></p><p>Northern Data's primary services include provision of infrastructure for bitcoin generation by employing high-performance computers in areas with cheap electricity. The firm's facility, in Rockdale, Texas, is the world's largest crypto mine and has a planned capacity of 1 gigawatt by the end of 2021, according to Bloomberg. Bitcoin mining is the process that allows new coins to enter circulation, adding to the crypto ecosystem.</p><p>The company initially started out as a bitcoin miner in 2009, but later switched to operating mines on behalf of its clients. It <a href="https://apnews.com/press-release/pr-accesswire/9c06b379565a4cabf45045b84c4260bf">changed its name</a> from Northern Bitcoin after it merged with Texas-based Whinstone at the end of 2019 to construct the largest data center for high-performance computers.&nbsp;</p><p>Bitcoin&nbsp;<a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-price-ether-xrp-janet-yellen-elon-musk-2021-2-1030112430">tumbled by as much as 17% to below $45,000</a> at one point on Tuesday. But the digital token hit a $1 trillion market cap earlier this month after its value surged past a record high $58,000. Bitcoin miners earned a <a href="https://markets.businessinsider.com/currencies/news/bitcoin-miners-bln-earnings-how-they-make-money-transactions-2021-2-1030103871">combined $1 billion</a> last month, up 62% from December.</p><p><strong>SEE ALSO:&nbsp;<a href="https://markets.businessinsider.com/currencies/news/bill-gates-not-bullish-bitcoin-uses-energy-elon-musk-boom-2021-2-1030111996" >Bill Gates says he's not bullish on bitcoin as it uses 'a lot of energy'and warns people who aren't as rich as Elon Musk against buying into the boom</a></strong></p><p><a href="https://markets.businessinsider.com/currencies/news/largest-bitcoin-mine-operator-plans-us-listing-raise-half-billion-2021-2-1030113575#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/red-wine-good-heart-health-benefits-healthy-cardiologist-2019-4">A cardiologist revealed the truth behind red wine's health benefits</a></p>
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