Startup Arkon Energy pours $28m into Bitcoin mining

By Mariam Ahmad
Australian-based Arkon Energy has secured $28 million in funding to expand renewable Bitcoin mining efforts

Despite a volatile crypto market, with recent investigations into industry-leading champion, Sam Bankman-Fried, Sydney-based startup, Arkon Energy, has raised $28 million to expand its Bitcoin mining operations. 

$28 million was raised by the data centre infrastructure company, which uses 100% renewable electricity to mine BTC. Arkon extracts renewable power trapped in electricity markets to sustainably lower its costs.

Arkon CEO, Josh Payne, credits current uncertain market conditions in helping the company come to the decision of pouring money into Bitcoin mining efforts, saying: “The current market climate, with low prices for Bitcoin and mining equipment, offers a compelling opportunity to take advantage of our unique profitability and access to growth capital.”

Arkon has also acquired Hydrocraft AS, one of Norway’s energy-based data centres - this will help the effort to increase mining capacity, and mine sustainably, keeping in line with the company’s green strategy.

Share

Featured Articles

Rio Tinto trials renewable diesel at U.S. operations

Rio Tinto is progressing plans to swap conventional diesel for renewable fuel in haul trucks at its U.S. operations

Kenorland and Targa agree deal for Canada lithium projects

Agreement will see Targa acquire 100% interest and up to 844 mining claims for the Opinaca Lithium Project, and rights to two MEL applications

Mincor raises AU$60 million for development and exploration

Firm to spread capital raising across development of Northern Operations, and for exploration and resource definition drilling at Cassini Operation

KSA’s SWCC signs agreements for brine mining projects

Supply Chain & Operations

Glencore to pay over £275mn over Africa mining oil bribes

Supply Chain & Operations

Aya Moroccan subsidiary seals US$100m financing for Zgounder

Supply Chain & Operations