In May, German mining company Northern Data produced 295 BTC. According to a press release, this is about 9% less than the previous month.

The decrease in production at the company was explained by temporary restrictions on one of the client hosting organizations.

Ethereum mining in May amounted to 4560 ETH and remained at the April level.

Northern Data has mined 1,553 BTC and 24,012 ETH since the beginning of the year.

As of May 31, the firm’s cryptocurrency holdings totaled approximately 1,360 BTC and 39,820 ETH, with a total valuation of approximately €102 million. The total value fell 27% from the prior period due to lower prices and partial sale of assets.

At the end of the month, the fleet of ASIC miners for bitcoin mining increased by 4% to 46,000 units, with a total hash rate of 4.23 EH/s.

The company’s management has acknowledged the possibility of reducing the overall computing power of the initial cryptocurrency network due to inefficient equipment being shut down by miners due to falling prices of digital assets. The company estimated that production costs were “well below” the market average.

Northern Data expects to increase its daily share of bitcoin mining in the coming months. By the end of 2022, the company’s fleet should be more than 100,000 miners with 9.3 EH/s hashrate.

The Ethereum computing power of the company has not changed since the beginning of the year – 223,000 GPUs produce 12.7 TH / s.

Since the beginning of 2022, Northern Data’s share price has dropped by about 58% from €78.10 to ~€32.9. Since the beginning of May, the price of the company’s shares has fallen by ~33%, its market value is approximately € 546 million.

Recall that Northern Data lost $300 million in capital in October 2021 amid reports of an investigation against BaFin’s top executives.