Melbourne-based Arkon Energy, a data center infrastructure provider, recently expanded its reach into the US by acquiring a site in Hannibal, Ohio, in a decisive move towards strengthening its North American presence.
This expansion was fueled by Arkon’s successful capital-raising efforts, securing $26 million from Sandton Capital Partners.
This is an addition to a previous funding round where they amassed $28 million, used to acquire Hydrokraft AS, a Norwegian renewable energy-based data center.
Arkon Energy’s CEO, Joshua Payne, views this acquisition as the starting point of a series of strategic purchases. The company’s objective is to provide robust server hosting services to Bitcoin mining firms, leveraging renewable energy sources.
The Ohio-based data center has a significant capacity of 100 megawatts, and it’s expected to contribute 3.3 exahash per second to Arkon’s hashrate by 2023’s close.
Despite facing a challenging climate marked by a crypto downturn and stringent regulatory scrutiny, Arkon Energy maintains a confident stance.
Payne acknowledges the challenges of raising capital amidst uncertainty but sees these circumstances as an opportunity for those who can navigate these turbulent times.
Fueled by their recent acquisitions and substantial capital base, Arkon Energy is keenly positioned to capitalize on these conditions and emerge as a dominant player in the Bitcoin mining industry.
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