Northern Data’s Peak Mining Buys Second 300MW Texas Site

Peak Mining, the bitcoin mining subsidiary of German data center operator Northern Data, announced on Friday that it has acquired another 300-megawatt (MW) site in Corpus Christi, Texas.

The new site is next to the 300MW mining facility that Peak Mining purchased in December, Northern Data said, adding that the energization is scheduled for early 2025. The investment of the deal, however, was not disclosed.

Northern Data said that the site is connected to the low-cost power zone of Load Zone South on the ERCOT grid and the company plans to deploy indoor liquid-cooling systems for the mining infrastructure.

Northern Data and Peak Mining’s managing director Niek Beudeker stated in the release that the company now has nearly 700MW of sites in “active development.”

However, the company appears to have discontinued providing monthly bitcoin production updates since January. In its latest Q1’24 investor presentation deck, Northern Data reported production of 447 BTC in the last quarter at an average energy and operational expense of $28,500 per BTC.

This implied a realized hashrate of 2.82 EH/s, an 88% realization rate, and a hashcost of $50/PH/s. It stated in the presentation deck that the target hashrate is 7.9 EH/s by the end of 2024.

Earlier this month, Peak Mining announced the expansion to South America through a partnership with Penguin Infrastructure for 28MW of mining capacity. The site in Paraguay is set to be equipped with 2,860 units of MicroBT’s M63-series liquid-cooled WhatsMiners, to be energized in the second half of 2024.

In November, Northern Data began the construction of a 30 MW facility in Grand Forks, North Dakota, which was expected to be operational in Q1 powering 1.1 EH/s in WhatsMiner M53S++.