Northern Data, supported by Tether, has received an offer to acquire its cryptocurrency mining division

According to Bloomberg, Northern Data AG is approaching a deal to sell its cryptocurrency mining business, hoping to take advantage of the November Bitcoin rally to profit. According to Elliot Jordan, Chief Financial Officer of Northern Data, the company has hired bankers and invited bidders to provide quotes, and is currently reviewing various proposals. In his speech at the German Equity Forum on Wednesday, Jordan said, "The most appropriate description is' in progress', as we are currently receiving offers from multiple sources and progressing smoothly." Jordan stated that Northern Data did not value the business, but according to reports, the valuation before the rise of Bitcoin was between $300 million and $500 million. He told investors, "Obviously, now is the best time to sell this business The main shareholder of Northern Data is stablecoin issuer Tether, which is seeking to release funds to expand its artificial intelligence services business. This is a transformation that many mining companies are exploring after the Bitcoin software update in April, which halved their main source of revenue. In October, it was announced that Northern Data planned to sell its cryptocurrency mining division, Peak Mining.