Northern Data, the Tether-owned AI computing firm, has announced that it is considering leaving the bitcoin mining business just days after announcing it is on course to deliver 7.9 exahashes per second (EH/s) this year.

On October 17, Northern Data announced its Q3 financial results, noting in a press release that its mining business was still on track to open its new Corpus Christi Texas location — critical for its hash rate goal — soon.

However, four days later, the company revealed that it was exploring a “potential transaction of its mining business,” specifically noting that it was “exploring the divestment of its heritage crypto mining business, Peak Mining.” As a result, Northern Data would become “a pure-play AI Solutions business.”

Northern Data states that proceeds from this transaction would be reinvested in its AI-focused business lines.

From Northern Data’s Q3 Presentation.

Read more: Tether: Ten years, 100,000,000,000 USDT, and still no audit

This decision may be driven by the declining proportion of Northern Data’s revenue coming from mining. This fell from 74% of its revenue at the beginning of 2024 to only 20% for Q3. Additionally, the revenue for mining has fallen from 22 million euros in Q1 to only 12 million euros in Q3.

While Northern Data considers this pivot, Tether does have other investments in the bitcoin mining space, including Bitdeer, Volcano Energy, and 2040 Energy.

Northern Data has been involved in a dispute with former executives over claimed securities fraud. The business maintains that no inappropriate behavior occurred.

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