Northern Data, supported by Tether, receives acquisition offer for its cryptocurrency mining division

Northern Data AG is close to finalizing a deal to sell its cryptocurrency mining business, hoping to profit from the Bitcoin surge in November. According to Northern Data's CFO Elliot Jordan, the company has hired bankers and invited bidders to make offers, and is currently reviewing proposals.

Jordan stated in his speech at the German Equity Forum on Wednesday that they are receiving bids from various parties and progress is going smoothly. Jordan said that Northern Data did not value this business, but it was reported that before the Bitcoin surge, its valuation ranged between 300 million and 500 million dollars.

He told investors: "Obviously, now is the best time to sell this business." The main shareholder of Northern Data is stablecoin issuer Tether which seeks to free up funds for expanding their artificial intelligence services. This transition comes after many mining companies explored changes following a software update in April which halved their primary source of income. In October news emerged that Northern Data planned on selling its crypto-mining division Peak Mining.