Northern Data (XETR:NB2), a publicly-listed provider of High-Performance Computing (HPC) solutions from Germany, has published its mining division Bitcoin (BTC) production numbers for December and 2022. Additionally, the company forecasted an annual revenue in the range of EUR 190-194 million.

Northern Data Boosts BTC Production

Although December was one of the worst months for Nothern Data mining operations, with only 177 produced BTC, 2022 brought a record-breaking number of 2,798 mined tokens, translating to a 315% increase year over year (YoY).

According to the press release published on Wednesday, revenues from BTC mining operations came in at EUR 77.7 million. The publicly-listed company expects adjusted EBITDA in the range of EUR 40-50 and fiscal year 2022 revenue around EUR 190-194 million.

"Bitcoin mining in 2022 was challenged by a sharp drop in Bitcoin prices, especially in the middle of the year (Jan 1-Dec 31: -58%). In addition, extreme increases in energy prices as well as in the hashrate (Jan 1-Dec 31: +164%) caused further downward pressure. Northern Data nevertheless managed to grow its Bitcoin mining business in this challenging environment and consistently operates profitably due to its efficient mining practices and favorably structured power contracts," the company commented in a written statement.

Time to Move BTC Mining Rigs

Like many other companies in the mining industry, December proved to be one of the worse months for Norther Data. HPC provider explains the drop in output was caused by high energy prices in Europe, which affected ASIC machines' downtime.

As a result, the company is currently working to relocate its specialized mining rigs to jurisdictions where energy prices are more favorable. It should guarantee better use of production capacity and allow the company to produce up to 350 BTC per month.

"We have prioritized stabilizing our cash reserves by shifting investments. With these measures, we have started 2023 securely and free of any financial debt. Simultaneously we have cut costs, ensuring stable operations even if the Bitcoin price continues to fall. We are watching the market very closely, in anticipation of taking advantage of the opportunities that every crisis brings," Aroosh Thillainathan, CEO and founder of Northern Data, said.

By comparison, Northern Data produced 324 BTC in April, its best month in 2022. In other period, the company failed to break the 300 BTC mark.

Slow December, but Good 2022 for BTC Miners

Although December's high energy prices and harsh winter caused a slowdown in production, BTC miners had no reason to complain throughout 2022. At least when it comes to the number of cryptocurrencies produced.

Earlier this week, Argo Blockchain (NASDAQ:ARBK), another publicly-listed crypto mining company, published its December 2022 operational update, showing a significantly lower BTC production amidst the mining operations halt at the Helios facility in Dickens County, Texas. However, the overall 2022 numbers exceeded the output from 2021.

HIVE Blockchain Technologies showed an increase in BTC production of 18% to 4,752 BTC during last year, while Bitfarms acquired 5,167 BTC, growing 49,6% YoY. Although the production numbers are higher, revenues are falling drastically. As reported by Finance Magnates Intelligence, crypto miners' profits in 2022 were $6 billion lower than in record-breaking 2021.