In May, the German mining company Northern Data generated 295 BTC. This is about 9% lower than the previous month’s figure, according to the press release.
The drop in production was attributed to temporary restrictions at one of its client-hosting facilities.
Ethereum mining in May amounted to 4560 ETH and remained at April’s level.
Since the start of the year, Northern Data has mined 1553 BTC and 24,012 ETH.
As of May 31, the firm’s crypto reserves stood at roughly 1,360 BTC and 39,820 ETH, with a total valuation of about €102 million. Its aggregate value declined by 27% versus the previous period due to lower prices and partial asset sales.
By the end of the month, the Bitcoin ASIC mining fleet increased by 4% — to 46,000 units with a total hashrate of 4.23 EH/s.
The company’s management flagged the possibility of reducing the overall compute power of the Bitcoin network amid miners shutting down inefficient equipment as digital-asset prices fell. The company estimated its production costs to be “significantly lower” than the market average.
Northern Data expects to increase its share of daily Bitcoin mining in coming months. By the end of 2022, the company’s fleet is expected to consist of more than 100,000 miners with a hashrate of 9.3 EH/s.
Computing power for Ethereum mining at the company remains unchanged since the start of the year — 223,000 GPUs generate 12.7 TH/s.
Since 2022, Northern Data’s stock has fallen about 58% — from €78.10 to around €32.9. Since May, the shares have declined by about 33%, with a market cap of about €546 million.
In October 2021, Northern Data lost $300 million in market capitalization amid reports of an investigation by BaFin into its top management.