Kama and Porter’s first amended complaint against their former employer contained explosive allegations that Northern Data lied to investors about the strength of its finances, hiding the fact that it is “borderline insolvent,” and, additionally, is “knowingly committing tax evasion to the tune of potentially tens of millions of dollars.” Source
Northern Data has filed a motion to dismiss a lawsuit from former employees, arguing that the court lacks jurisdiction and the claims lack sufficient detail. American branches of the European Bitcoin mining company Northern Data have filed a motion to dismiss a lawsuit brought against them in the Central District Court of California by former employees Joshua Porter and Gulsen Kama. The motion, seen by crypto.news, argues that the court lacks authority over the case, saying “Northern Data is not subject to general personal jurisdiction in California” as the company’s…
On Monday, Northern Data AG said it has resolved to increase its share capital by 20%, planning to raise €214 million ($233 million) through the issuance of new shares. The company aims to enhance its cloud platform and expand its data centers in Europe and the United States. Bitcoin Miner Northern Data AG Reveals Capital […] Original
European Bitcoin mining company Northern Data AG has announced plans to raise €214 million through a 20% capital increase, issuing 10.7 million new shares. German Bitcoin (BTC) mining company Northern Data AG is set to bolster its operations through a significant capital increase, which is expected to boost its financial reserves by approximately €214 million. In a Jul. 15 press release, the Frankfurt-headquartered company said that it plans to issue 10,699,446 new bearer shares, amounting to 20% of its current share capital, a move that is expected to fuel the…
The German government has sold its entire bitcoin holdings, according to data from crypto intelligence firm Arkham. “The German government is now out of bitcoin,” the firm wrote. This divestment began in June, with funds transferred to exchanges and institutional services. German Government Divests All Bitcoin Holdings The German government has sold all its bitcoin […] Original
Crypto mining giant Northern Data is forecasting its revenue to triple in 2024 as the company doubles down on high-performance computing (HPC) solutions. Northern Data Group, a German-listed Bitcoin mining company, estimates its sales to soar this year up to €240 million, tripling its 2023’s results as the company is betting big on high-performance computing (HPC) solutions for artificial intelligence (AI). In its audited 2023 financial results shared with crypto.news, the Frankfurt-headquartered company reported revenue of €77.5 million, surpassing market guidance of €65 million to €75 million. The company noted…
Bitcoin is not expected to retest its record until later this year, but data shows this correction could get uglier before a recovery begins — similar to how the cryptocurrency fared between two all-time highs in 2021. A bitcoin valuation indicator, CryptoQuant’s Bitcoin Profit and Loss Index, is currently hovering around its own 365-day moving average. This key threshold helps traders determine whether bitcoin is in a bull or bear market. Historically, a crossover of the index to the downside has marked major corrections, including the one between May and…
Bitcoin and other altcoin prices continued rising after the US published encouraging June inflation data. BTC jumped to over $59,000 on Thursday, up from last week’s low of $53,700. Other tokens like Mantra (OM), Notcoin (NOT), AAVE (AAVE), and JasmyCoin (JASMY) rose by double digits. US inflation data Data from the Bureau of Labor Statistics (BLS) showed that the headline consumer price index (CPI) dropped from 0.0% to -0.1% in June, which was lower than the median estimate of 0.1%. The headline CPI dropped from 3.3% to 3.0%, also lower…
Bitcoin’s post-halving pullback appears to have divided the crypto community, with investors seen as the most bullish group at the moment. Cryptocurrency investors, developers, speculators, and traders seem to be divided with their views on the current market state with “no strong consensus sentiment” prevailing right now, crypto prices aggregator CoinGecko says. In a survey conducted from mid-June to July 8, involving 2,558 participants, CoinGecko assessed market sentiment. The largest group of respondents (26.1%) described themselves as “somewhat bullish,” while the smallest group (11.8%) identified as strongly bearish. Overall, nearly…
The cryptocurrency market faced correction, with leading assets declining, ahead of the release of the U.S. inflation data. The U.S. Consumer Price Index (CPI) report for June this year is expected to be released today at 08:30 ET (12:30 UTC). According to Investing.com analyst Jesse Cohen, the majority of the U.S. banks and investment firms expect a soft decrease in the country’s inflation rate — between 3% and 3.2%. 🇺🇸🇺🇸 US JUNE CPI INFLATION ESTIMATES •TD BANK: 3.0%•SCOTIABANK: 3.0% •JP MORGAN: 3.1%•WELLS FARGO: 3.1%•CITI: 3.1%•BARCLAYS: 3.1%•BNP PARIBAS: 3.1%•NOMURA: 3.1%•https://t.co/LOppBTC8mR: 3.1%…