Europe’s Largest Bitcoin Mining Firm Acquires 575M Euros

Europe’s Largest Bitcoin Mining Firm Acquires 575M Euros

According to reports, Northern Data AG, one of Europe’s largest Bitcoin mining companies, recently announced that the company, together with its subsidiaries, has entered into a loan agreement with the Tether group, a blockchain-enabled platform founded by a group of Bitcoin enthusiasts in 2014.

Following Article 17 of the EU MAR Regulations, the aforestated information was made available to the public on November 2, 2023.

Debt Financing Fosters Development

Northern Data AG, along with its subsidiaries, commonly referred to as the Northern Data Group, entered into a loan agreement with the Tether group of companies, securing a whooping EUR 575 million debt financing facility as of today, November 2.

The unsecured facility, offered at standard market conditions, comes with a term extending till January 1, 2030. Moreover, the recently introduced debt financing allows the Northern Data Group to make additional investments across all its subsidiaries, Taiga Cloud, Ardent Data, and Peak Mining, fostering further growth and development.

Furthermore, these investments pivot on the acquisition of additional sophisticated hardware, facilitating Northern Data Group’s Taiga cloud business to expand its offering as Generative Artificial Intelligence Cloud Service Provider to a greater extent in Europe.

The new financing regime is also setting its sights on expanding the Northern Data Group’s portfolio of data centres through its branch, Ardent Data Centers, the Group’s data centre infrastructure business, and amplifying the Group’s ongoing operations.

In addition to this, the Northern Data Group plans to use the financing to scale its Bitcoin mining operations, fostering purpose-built, liquid-cooling mining technology through the Group’s mining subsidiary, Peak Mining.

Also read: Ethereum Network Growth Shoots With New Addresses, ETH Price to $2000?

Tether Soars

According to a report by Coingape Media, Tether, a stablecoin issuer, recently announced noteworthy gains in its financial stability. The stablecoin issuers Q3 attestation report reveals groundbreaking data, with almost 85.7% of its total reserves held in cash and cash equivalents.

The figure portrays an all-time high in the company’s history, emphasizing Tether’s mission to maintain crypto liquidity and stability within the crypto realm. Subsequently, the Tether price witnessed marginal gains over the past 24 hours and was up by 0.03%, reaching $1. Traders and investors solemnly eye the token as the recent announcement might bring significant price changes.

Also read: Crypto Prices Today: Market Surges As BTC, Pepe Coin, TIA Rally

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