Bitcoin miner Northern Data says it has no financial debt, expects €192M in revenue for 2022

According to a caller missive to shareholders posted connected Dec. 21, Aroosh Thillainathan, CEO of German Bitcoin (BTC) mining institution Northern Data, said that the steadfast expects to make upwards of €190M to €194M successful gross from crypto mining operations this year. At the midpoint range, this represents a maturation of 1.11% from Northern Data's full income of €190M for the 2021 fiscal year, erstwhile the steadfast grew its gross ten-fold from 2020. Thillainathan added:

"Northern Data is not carrying fiscal indebtedness and truthful has entree to the unsocial accidental to consolidate and grow our existent presumption successful BTC mining portion scaling unreality solutions and colocation services successful parallel. We spot important opportunities successful the HPC [high-performance computing] markets we are targeting."

The blockchain CEO besides stated that investors should expect guidance of €40M to €75M successful adjusted net earlier interest, taxes, depreciation, and amortization (EBITDA). In 2021, Northern Data generated €89.6M successful EBITDA, with non-adjusted figures being adjacent higher owed to peculiar effects specified arsenic reimbursements from the energy contracts of the US subsidiary Whinstone from weather-related powerfulness outages arsenic good arsenic the effects from the merchantability of its Whinstone subsidiary.

Thillainathan explained that the mostly lack of maturation from its concern projections is owed to a operation of a "+46% YTD [year to date]" summation successful hash rate, "BTC prices down implicit 60% since the opening of the year," and "extreme increases successful energy prices."

German energy prices person skyrocketed successful the past year | Source: Trading Economics

Going forward, Thillainathan revealed that the institution had commissioned astir 13,000 application-specific integrated circuits (ASIC) miners with corresponding powerfulness contracts successful the coming months. "Northern Data's monthly BTC accumulation could already beryllium astir 500 BTC mathematically (at the existent mining difficulty). Because with vigor costs of astir EUR 0.03/kWh, the accumulation of a Bitcoin for astir EUR 10,000, and truthful precocious profitability astatine the existent BTC price, is inactive possible," the CEO wrote.