Northern Data Secures $610 Million Debt Financing from Tether as New ASIC Technology Makes Mining Profitable Again
Northern Data AG, a leading provider of data centre and computing services, today announced that it has secured $610 million in debt financing from Tether Limited, the company behind the USDT Stablecoin. The debt financing will support Northern Data’s development of its next-generation ASIC technology for cryptocurrency mining, designed to enable more efficient mining of cryptocurrencies.
This financing agreement marks a new point of entry for Tether into the crypto mining space and demonstrates the firm’s commitment to helping the proliferation of mining activities around the world. With this debt financing, Northern Data is able to significantly expand its mining operations, particularly in its new next-generation ASIC mining rigs, allowing it to offer competitive prices and benefits to miners in the industry.
The new ASIC technology developed by Northern Data is set to revolutionize the mining industry, as it will feature extensive hardware customization and disruption-resistant design that leverages cutting-edge processes and technologies. This new ASIC technology will be designed to increase operational efficiency and will be optimized specifically for mining that generates returns for investors.
The new ASIC rigs will be customized for the most profitable miningoptions such as Bitcoin, Ethereum, Litecoin, Zcash, Ethereum Classic, and Monero.
The increased efficiency of these rigs will provide miners with greater returns on their investments, while allowing Northern Data’s customers to more effectively diversify their mining efforts. As a result of the increased efficiency, Northern Data also expects to reduce the energy consumption of mining, making it more sustainable and environment-friendly.
The $610 million secured from Tether will help Northern Data build out its mining operations and continue to develop its next-generation ASIC technology. Completion of this development and deployment of this technology is expected to occur within the next 2 years. With the completion of these efforts, Northern Data will enable miners to tap into the opportunities of the crypto space.
Commented Aroosh Thillainathan, Chief Executive Officer of Northern Data AG:
“This debt financing from Tether marks a major milestone for Northern Data and signals a massive confidence in our mission to fundamentally change the mining industry. We are very proud to have partnered with Tether to realise our vision and be at the nexus of the crypto mining industry. Our next-generation ASIC technology marks the first step in reviving the mining industry, as it will provide miners with higher returns on their investments.”