The Northern Waste was a cold and icy region in the far north end of Middle Earth, including the realms of Forochel and Forodwath, located above Mount Gundabad and the Ered Mithrin. It was composed mostly of snow and ice; however it did have several great frozen. Little is known about the area.
The Cold drakes, which plagued the Dwarves often, came from these realms. It is likely that the "Goblins and Hobgoblins" that later colonized the Ered Mithrin drove most of the Cold Drakes back into the Northern Waste.