Akron Energy raises 15 billion yen to strengthen Bitcoin mining and AI business

Strengthen Bitcoin mining and AI business

US data center infrastructure company Arkon Energy raises $110 million (15.6 billion yen) through third-party allotment of capital, aiming to expand Bitcoin mining, AI (artificial intelligence), and machine learning businesses did.

The funding was led by Bluesky Capital Management, an asset manager in the alternative investment space, with participation from Kestrel 0x1 and Nural Capital. The funds raised will be used to expand the capacity of the data center and strengthen the power supply, with a particular focus on Bitcoin mining operations.

Founded in 2021, Arkon Energy started with a 5 MW data center in Australia and has now grown to more than 130 MW. The company has also expanded into other countries and regions, including the United States and Europe.

The majority of Arkon Energy’s U.S. data center portfolio is made up of institutional-level Bitcoin mining companies, CEO Josh Payne told TechCrunch. It is being

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The company aims to increase its total megawatt capacity by 130% by June 2024, and plans to add 200 megawatts to its data centers in Ohio, North Carolina, and Texas. The US market is very important to Arkon Energy because the US has a wealth of underutilized stranded power generation assets that connect to some of the lowest cost electricity sources in the world, many of which are renewable energy sources.

The remaining $30 million will be used to enhance artificial intelligence cloud infrastructure at the company’s data center in Norway. This will help serve the generative AI and large-scale language model training markets.

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BTC mining demand expands towards Bitcoin ETF approval

Payne said that with the rapid growth of AI applications and the impending approval of a Bitcoin spot ETF, specialized data centers like Arkon are poised to expand exponentially.

According to data from The Block’s Data Dashboard, mining rewards across the Bitcoin network will reach $1.16 billion (160 billion yen) in November 2023, the highest since April 2022. Of this, transaction fees accounted for $142.2 million. At the halving scheduled for April 2024, the mining reward will be reduced from the current 6.25 BTC to 3.125 BTC.

connection: Growing expectations for Bitcoin halving, investor interest captured by BitBank survey

connection:US cryptocurrency mining company Core Scientific emerges from bankruptcy

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