Northern Data Divests Bitcoin Mining Arm Peak Mining for Up to $200 Million
Northern Data has agreed to sell its Bitcoin mining division, Peak Mining, for up to $200 million, marking the latest step in the company’s full pivot toward high-performance computing (HPC) infrastructure.
The transaction includes $50 million in upfront cash proceeds and up to $150 million in deferred consideration tied to a profit-sharing arrangement linked to mining operations at the company’s Corpus Christi site in Texas. Northern Data said the deal structure allows it to continue pursuing HPC development at the same site during the earn-out period.
The buyer was not disclosed, though as reported in August, Northern Data had been in advanced discussions to sell Peak Mining to Elektron Energy LP for up to $235 million in cash, with $175 million expected to be paid upfront. That proposed sale was part of a broader corporate restructuring plan as Northern Data explored a potential all-stock merger with video platform Rumble Inc. (NASDAQ: RUM).
Northern Data said the $50 million upfront payment will remain available to support its funding needs, and that its majority shareholder, stablecoin issuer Tether, does not require the proceeds to be used to repay an outstanding shareholder loan.
The company’s Corpus Christi complex currently has 600 megawatts (MW) of grid capacity, with about 100 MW dedicated to Bitcoin mining. Northern Data noted that a future HPC-related transaction at the site could generate additional consideration beyond the $150 million earn-out tied to mining profits.
The divestiture comes as Northern Data continues to expand its Taiga GPU cloud platform and Ardent data center operations, which collectively include more than 20,000 Nvidia H100 chips and additional H200 units. The company operates or controls five data center sites with a total potential capacity approaching 850 MW.
If Northern Data’s ongoing talks with Rumble move forward, the divestiture of Peak Mining would clear the way for the merger, which envisions combining Northern Data’s AI and GPU infrastructure with Rumble’s video and cloud services platform.
