Arkon Energy, an Australian-based startup that uses renewable electricity to mine Bitcoin (BTC), has raised $28 million to expand its mining capabilities.
According to the news report written by NewsDirect, the funding round was led by a quantitative alternative investment manager, Blue Sky Capital, and firms like Kestrel 0x1, Shima Capital, and Barkers Point Capital Advisors.
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When talking about a successful funding round, Barkers Point Capital Advisors Managing Partner, Barry Kupferberg, highlighted:
In a period in which the largest Bitcoin miners in the world are struggling with high costs and over-leveraged balance sheets, the ability of Arkon Energy to attract capital highlights its unique value proposition.
Nevertheless, Arkon Energy CEO Josh Payne believes that multimillion funding can “offer a compelling opportunity” for the company to grow. CEO claims that Arkon Energy is looking “forward to executing several additional growth opportunities in the near future.”
It seems that the company has already started expanding. Arkon Energy recently acquired a renewable energy data center Hydrokraft AS, in Norway. The data center uses hydroelectric power and holds an operating capacity of 30 megawatts (MW) with the ability to expand it to 60 MW.
The Hydrokraft purchase is part of an ambitious plan to create a vertically integrated green bitcoin mining platform that has power sovereignty, benefits from geographic diversification, and a robust balance sheet.
At the beginning of the year, Arkon Energy raised $2.6 million in pre-seed funding. In February, the funding round was led by blockchain specialist investment firm Kestrel 0x1, Linked Group Services, and other angel investors.
At the time of writing, Bitcoin (BTC) retails for $16,739.64, recording a price surge of 1.31% in the last 24 hours.
by Gile K. – Crypto Analyst, BitDegree
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