This Company Stops Crypto Mining Business, Chooses To Falls Into The AI Industry

Bitcoin mining facility. (Photo; Doc. Publish0x)

JAKARTA - Artificial intelligence or artificial intelligence (AI) has attracted many companies to develop it independently. In the midst of the bustling of competitions related to AI development, the Northern Data Group as a provider of artificial intelligence (AI) and high-performance computing (HPC) solutions, has stopped their crypto mining business, Peak Mining.

This decision was taken to focus the company's resources on the development of AI technology, which is now considered to have brighter prospects. In its financial statements, the Frankfurt-based company recorded significant growth over three consecutive quarters in the AI sector.

This prompted Northern Data to leave the crypto mining sector in response to high demand for AI technology. As part of this plan, the company is exploring the possibility of selling the Peak Mining unit to obtain additional funds that will be used to strengthen their investment in the AI sector.

"With the increase in global demand for AI technology, we decided to concentrate our energy and resources into this sector," said Aroosh Thillainathan, CEO of Northern Data. He added that crypto mining remains an important part of the company's growth history, but the main focus is now turning to AI innovation.

Northern Data plans to use the proceeds from the unit's sale to expand Europe's Generative AI Cloud platform and strengthen data centers designed specifically for AI needs.

In addition, the company is also ambitious to acquire more data centers and increase the number of Graphics Processing Units (GPU) to support the development of their AI technology.

Despite leaving the crypto mining business, Northern Data remains committed to blockchain technology. The company, which is backed by big industry players like Tether, the USDT issuer, believes blockchain technology will still have long-term potential in the future.