Leading artificial intelligence (AI) and high-performance computing solutions provider Northern Data Group plans to close its cryptocurrency mining business Peak Mining to focus on the AI sector.
Northern Data, whose shares are traded on the Frankfurt Stock Exchange, announced this decision after the publication of its financial results report for the third quarter. According to the data presented in it, the company has been recording “strong and consistent growth in the AI solutions sector” this year. Accordingly, experts view the exit from the cryptocurrency mining sector as an attempt to benefit more from the growing demand for neural networks.
The company also said it is currently considering selling its mining division Peak Mining to raise funds to support its AI projects, specifically Dynamic Enablement Services.
Mining is a fundamental part of Northern Data’s heritage and growth story. We continue to support blockchain technology and believe in its potential. That’s why finding the right manager for this valuable business is important,” said Northern Data founder and CEO Arush Thillainathan.
The company plans to use part of the proceeds from the sale to purchase additional data centers and graphics processing units (GPUs).
Northern Data wanted to IPO Peak Mining in July 2024, but later postponed the decision.
