Crypto Stocks: Understand What is Moving in the Market and Why.

Strategize Your Digital Asset Investment Strategy

Author

10x Research
September 12, 2025

Northern Data underperformed Bitcoin over the past year largely because its profitability has been hit by steep costs from deploying new HPC (AI cloud GPU) infrastructure before revenue fully catches up, plus guidance revisions that lowered margin expectations. Its mining business remains a smaller contributor while Taiga Cloud is still ramping up, meaning investor expectations for fast earnings turned out overly optimistic.

In terms of business prospects, Northern Data is transitioning from pure Bitcoin-mining toward becoming an AI/HPC infrastructure provider. Its growth outlook hinges on Taiga’s GPU estate upgrades, improved utilization, and continued customer onboarding. However, steep depreciation, high capital expenditures, and elevated operating expenses weigh on reported earnings, even though adjusted EBITDA is improving.

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