Frankfurt am Main, July 23, 2019. Northern Bitcoin AG (XETRA: NB2, ISIN: DE000A0SMU87), one of the world’s leading companies in the sustainable mining of Bitcoin, today published its 2018 Annual Report. It is the first annual report following the realignment of the business purpose as a Bitcoin mining company in January 2018.
By focusing on eco-friendly, climate-neutral and at the same time highly efficient Bitcoin mining, the company has positioned itself for sustainable growth. In its first year of business, the company – situated in the Norwegian Lefdal mine – was already able to install a mining capacity of slightly more than 42 peta hashes per second with a total of 3,150 miners in 15 containers.
Already during the research and development phase, revenues from the sale of Bitcoins increased to EUR 2,549 thousand (previous year: EUR 51 thousand). In fiscal year 2018, the balance sheet total increased significantly from EUR 1,487 thousand as of December 31, 2017 to EUR 8,919 thousand. The subscribed capital increased by EUR 5,187 thousand to EUR 7,442 thousand.
For the 2019 financial year, the company expects revenues to be significantly higher than in 2018. For this reason, a significant improvement in the operating result for the year is also targeted. At the end of 2019, a Hash rate at least twice the level of 2018 is planned. Further significant growth in sales, earnings and Hash rate is targeted for the financial year 2020.
The full Annual Report is available in the Investor Relations section.