Tether extends debt financing to Northern Data capped at $610 million
Northern Data Group, a German data center operator, has secured a debt financing facility of up to €575 million ($610 million) from Tether Group, the stablecoin issuer, to expand its Bitcoin mining, AI, and data center operations. “Northern Data Group entered into a loan agreement with a company of the Tether Group, under which it secured a €575 million debt financing facility,” Northern Data wrote in a statement. “The facility is unsecured, at standard market conditions and has a term until Jan. 1, 2030.”
Northern Data Group to continue capitalizing on the market opportunities within each sector of our three subsidiaries, Taiga Cloud, Ardent Data Centers and Peak Mining," Northern Data CEO Aroosh Thillainathan added. "We’re excited for the further innovation we will achieve through this raise as we drive further progress in the AI, ML and Generative AI industries.”. Peak Mining is the group’s mining business, with the financing being used to scale its Bitcoin mining operations via purpose-built MicroBT liquid-cooling mining technology. Liquid-cooled mining offers more efficient heat management and potentially higher hardware performance compared to traditional air-cooled mining. However, it typically involves higher setup costs and more complex maintenance.
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