Uncovering the Truth Behind Northern Data: Part 1 – The History and Acquisitions

Northern Data, a publicly listed bitcoin mining company in Germany, is making a bold move into the world of AI with the help of Tether, a stablecoin issuer. The company is aiming for a $16 billion IPO, but two whistleblowers, former executives Joshua Porter and Gülsen Kama, are suing for wrongful termination, alleging financial misconduct and tax evasion.

Northern Data, formerly known as Northern Bitcoin AG, made a series of acquisitions to expand its business, including purchasing US bitcoin miner Whinstone in 2019. However, the company’s financials came under scrutiny, leading to a criminal complaint filed by Germany’s financial watchdog, BaFin, for overstating its numbers.

The company’s pivot to AI comes as the crypto market shifts, with Ethereum’s switch to proof of stake leaving Northern Data with a surplus of GPU cards. Despite the challenges, Northern Data is determined to succeed in the AI space, with Tether investing 1.1 billion euros in an AI deal with the company.

As the story unfolds, questions remain about Northern Data’s future and the role of Tether in its transformation. Stay tuned for Part 2 of this series to learn more about the company’s journey into AI and the implications of Tether’s involvement.