Australian company Arkon Energy receives millions to expand its operations for mining green bitcoin

Kutl Ahmedia

Despite the continuous volatility in the cryptocurrency market, those involved in the mining industries remain optimistic about a quick turnaround. Australian company Arkon Energy has been successful in raising $28 million, or around Rs. 228 crore, to extend its environmentally friendly BTC mining activities into the nation. Arkon is an Australian Capital Territory-based provider of renewable data center infrastructure. Blue Sky Capital, a quantitative investment manager and market maker for digital assets, led the funding round.

The company that benefits from this uses only electricity that is produced from renewable resources. According to reports, the business harvests renewable energy from electricity markets to stably reduce expenses.

According to CoinTelegraph, Josh Payne, the CEO of Arkon, "the current market scenario, with cheap pricing for Bitcoin and mining equipment, gives a compelling opportunity to take advantage of our unique profitability and access to expansion financing."

A Norwegian data center that uses renewable energy, Hydrokraft AS, was just acquired by Arkon. The Australian business hopes to build the necessary infrastructure with the help of this investment in order to fully utilize Hydrokraft's capabilities.

Profit margins for cryptocurrency miners have decreased as a result of the sharp decline in the price of Bitcoin and other cryptocurrencies.

The cost of power has increased recently in many places around the world, which has had a significant negative influence on the cryptocurrency mining industry. According to a Bloomberg story, during the most recent crypto crisis, Bitcoin miners lost over $1 billion (approximately Rs. 8,200 crore).

Several market participants are currently trying to profit from the bearish attitude.

Crypto entrepreneur Jihan Wu reportedly established a $250 million (about Rs. 2,043 crore) fund in September to purchase cryptocurrency mining equipment from struggling suppliers. Wu founded the blockchain company Bitmain.

Recently, Vespene Energy, a company that uses methane gas released from landfills to generate electricity for bitcoin mining, closed a $4.3 million (roughly Rs. 35 crore) funding round, and Aspen Creek Digital Corp. (ACDC), a new solar-powered Bitcoin miner, raised $8 million (roughly Rs. 65 crore) in Series A funding.

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