Mining Company Expands Its Operations

Arkon Energy, an Australian-based renewable data center infrastructure company, announced that it has raised $28 million in a recently completed funding round for its renewable energy and Bitcoin mining operations. Arkon stated that it will continue to use the funds obtained for mining operations.

Using 100% renewable electricity for Bitcoin mining, Arkon wants to sustainably reduce its costs with the $28 million collected. In this context, he states that he focuses on renewable energy, which is stuck in the electricity markets for cheap energy. Stating that the current market creates an excellent opportunity for growth due to many factors, Arkon CEO Josh Payne says:

“The current market environment with low bitcoin and mining equipment prices presents a compelling opportunity to leverage our unique profitability and access growth capital.”

In addition, Arkon has taken another step towards its goals of creating a “vertically integrated green Bitcoin mining platform”. As part of this plan, Arkon has acquired Hydrokraft AS, one of Norway’s leading renewable energy-based data centers. However, making a statement after this purchase, the Norwegian government suggested that the discounted electricity tax available for Bitcoin miners in the country be removed. Making a statement on the subject, the Norwegian Finance Minister said that the tax exemption is now in a completely different situation compared to when it was first introduced.

Similarly, in the Canadian province of Quebec, the region’s energy manager has asked the local government to cut power to cryptocurrency miners due to high energy demands. The current market downturn and industry turmoil have created a challenging environment for many companies in the space. However, despite all these challenging processes, some companies continue to move forward. Chinese Bitcoin mining giant Canaan recently announced its decision to expand its operations. In this context, the company announced that it plans to focus on new research and development projects.