Australian Firm Raises $28 Million to Expand Bitcoin Mining Capabilities
Sydney-based company Arkon Energy secured $28 million in a recent funding round to expand its operations in Bitcoin mining in renewables despite market volatility.
New
The turbulent climate in the crypto industry isn't completely stopping builders in the space. Arkon Energy, an Australian renewable data center infrastructure company, recently raised millions to expand its Bitcoin (BTC) mining operations and acquired another data center based in Europe.
The funding round concluded with $28 million raised by the data center infrastructure company, which uses 100% renewable electricity to operate BTC. Arkon extracts trapped renewable energy from electricity markets to sustainably reduce costs.
Arkon CEO Josh Payne said that this type of market creates the perfect storm for growth due to many factors:
“The current market climate, with low prices for Bitcoin and mining equipment, presents a compelling opportunity to leverage our unique profitability and access to growth capital.”
In addition, Arkon has acquired one of Norway's leading renewable energy-based data centers, Hydrokraft AS, as part of a larger plan to create a "vertically integrated green mining platform" .
However, on October 6, the Norwegian government recently proposed to remove the electricity tax reduction available to BTC miners in the country. The country's finance minister said the electricity market was in a completely different situation compared to when he launched the tax relief in 2016.
Similarly, in the Canadian province of Quebec, the region's energy official has asked the local government to cut off power to crypto miners due to high energy demand.
Related: Bitcoin Miners Rethink Trading Strategies to Survive Lo...
Sydney-based company Arkon Energy secured $28 million in a recent funding round to expand its operations in Bitcoin mining in renewables despite market volatility.
New
The turbulent climate in the crypto industry isn't completely stopping builders in the space. Arkon Energy, an Australian renewable data center infrastructure company, recently raised millions to expand its Bitcoin (BTC) mining operations and acquired another data center based in Europe.
The funding round concluded with $28 million raised by the data center infrastructure company, which uses 100% renewable electricity to operate BTC. Arkon extracts trapped renewable energy from electricity markets to sustainably reduce costs.
Arkon CEO Josh Payne said that this type of market creates the perfect storm for growth due to many factors:
“The current market climate, with low prices for Bitcoin and mining equipment, presents a compelling opportunity to leverage our unique profitability and access to growth capital.”
In addition, Arkon has acquired one of Norway's leading renewable energy-based data centers, Hydrokraft AS, as part of a larger plan to create a "vertically integrated green mining platform" .
However, on October 6, the Norwegian government recently proposed to remove the electricity tax reduction available to BTC miners in the country. The country's finance minister said the electricity market was in a completely different situation compared to when he launched the tax relief in 2016.
Similarly, in the Canadian province of Quebec, the region's energy official has asked the local government to cut off power to crypto miners due to high energy demand.
Related: Bitcoin Miners Rethink Trading Strategies to Survive Lo...
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