Arkon Energy Rockets in US Bitcoin Mining with $110M Investment
Arkon Energy, an Australian company, is rapidly expanding its presence in the US bitcoin mining arena after entering North America just half a year ago.
With a fresh infusion of $110 million in funding, the Sydney-based firm is set to triple its mining capacity to 300 megawatts (MW) by acquiring facilities from Sabre56, a specialist in blockchain data centers.
This expansion involves Sabre56 overseeing operations across Arkon’s six US-based Bitcoin mining facilities. A substantial portion of the $110 million funding, led by Bluesky Capital Management, will fuel this growth, with $80 million directed toward the US expansion. The remaining $30 million is allocated to an artificial intelligence cloud service project at Arkon’s 30MW data center in Norway.
Founded in 2019, Arkon Energy recently closed a $28 million funding round in November 2022. This financial boost coincided with its acquisition of the Norway-based data center Hydrokraft. Subsequently, in June, the company acquired a data center in Hannibal, OH, initially designed to support 100MW.
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The recent acquisition includes an operational facility in Hopedale, OH, under contract to a hosting client. These acquisitions bring an initial 50MW capacity, with plans for an additional 150MW across new sites in Texas and North Carolina, expected to be completed by Aug. 24, as per company statements to Blockworks.
Arkon Energy’s CEO, Josh Payne, emphasized the substantial monthly production of approximately 400MW of Bitcoin mining machine capacity. He highlighted the US’s high demand for new hosting capacity, expressing the company’s keenness to build, own, and operate vital resources like data centers, low-cost power connections, and optic fiber connections.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
