German company Northern Data has entered into a partnership with mining firm Bitfield, involving the purchase of at least 86% of the stake and the indirect acquisition of around 33,000 ASIC miners.
According to the press release shared by the firm, 6,600 devices have already been installed and are in operation in Northern Data data centers.
The rollout of the 26,000 off-the-shelf new miners is expected to be completed by the end of the first quarter of 2022, mostly at sites in North America.
At the time of the deal, Bitfield’s hashrate is about 0.7 EH/s. After the end of the startup of the equipment, the indicator will rise to 3 EH/s.
The computing power under Northern Data management, including hosting clients, will reach approximately 6 EH/s.
The deal between the companies was concluded in the form of an exchange of shares in the amount of €400 million and involves the issue of up to 5.1 million Northern Data securities.
The German firm’s business includes hosting services for mining equipment, its own Bitcoin and altcoin mining operations, and cloud computing.
The acquisition of Bitfield is expected to foster vertical integration and added value in sustainable mining (ESG).