Startup Arkon Energy pours $28m into Bitcoin mining
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.
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