The Tether-backed company is talking to interested parties, it said. It may also see an IPO on the Nasdaq next year.
Northern Data Group is looking to divest its cryptocurrency mining business Peak Mining. Proceeds from the possible divestment would be sunk into developing its artificial intelligence and high-performance computing (HPC) units. Northern Data’s main shareholder is stablecoin issuer Tether.
Germany-based Northern Data announced on Oct. 21 that it has “resolved today to begin negotiations with interested parties” on divesting Peak Mining. The parties were not identified, and Northern Data warned that divestment was not ensured and would depend on the cryptocurrency market, among other things.
The divestment of Peak Mining would leave Northern Data with its Taiga cloud computing and Ardent data center branches. According to a second statement issued later the same day, possible proceeds from divesting Peak Mining would go to adding capabilities and services to its AI product platform, data center acquisition and development, and purchasing additional AI graphics processing units (GPUs).
