Northern Data AG, a German company specializing in Bitcoin mining and cloud computing, released December 2022 results for its mining division.
According to Northern Data AG, in the fiscal year 2022, a total of 2,798 BTC was mined, a significant increase of 315% compared to the previous year. This resulted in a BTC mining profit of EUR 77.7 million in the fiscal year 2022. The average selling price of the 3,005 BTC mined and sold in 2022 was EUR 23,849, contributing to a cash revenue of EUR 71.7 million.
The data released by Northern Data also shows that there is approximately 3.6 EH/s of computing power dedicated to BTC mining. In addition, the company said it “expects unaudited consolidated profit in the range of EUR 190-194 million and EBITDA adjusted for trading losses from the sale of cryptocurrencies of EUR 40-50 million (unaudited) for fiscal 2022.”
However, December 2022 is a challenging month for Northern Data. The company mined a total of 177 Bitcoins, which is a 25% YoY decrease, and a 15% MoM decrease. This is due to high energy prices, especially in Europe, which has caused the ASIC machines installed in Europe to have set a number of “down times” where they cannot produce continuously.
Despite the challenges, the firm is in the process of relocating ASIC machines to “optimized energy price locations”, to ensure production stability and optimal capacity utilization, to achieve the targeted production of 350 BTC per month.
Related: Public Bitcoin mining companies face $4B in collective debt
On Jan 6, Cointelegraph reported that one of the largest Bitcoin mining operations in North America, Marathon Digital Holdings, has been experimenting with overclocking to increase its competitive edge in the BTC mining industry.
According to an update issued by Marathon Digital Holdings, it produced 475 BTC in December 2022, bringing the total Bitcoin mined in fiscal year 2022 to 4,144 BTC, a 30% increase from the 3,197 BTC produced in 2021.
Recently, several Bitcoin mining companies have faced challenges due to increased mining difficulty and electricity prices. This led to a decrease in mining profits and caused some miners to shut down their operations. While, others have reported significant revenue growth and increased mining power, thanks to better mining hardware and mining software optimization.