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LONDON – Arkon Energy, a company specializing in bitcoin mining, has managed to raise $110 million in a funding round led by Bluesky Capital Management. This significant financial boost is aimed at a major expansion of the company’s operations, with strategic plans to increase the capacity of its data centers across the United States.
The expansion initiative includes increasing data center capacity by 200 megawatts (MW) in key locations across the United States such as Ohio, North Carolina and Texas. Arkon Energy has set a goal of completing this growth by June 2024, reflecting the company’s ambition to rapidly expand its business.
In addition to the U.S. expansion, Arkon is investing $30 million to upgrade the artificial intelligence (AI) cloud infrastructure at its site in Norway. The move is part of a broader growth strategy that aims to capitalize on the growing demand for bitcoin mining services. The sector has seen a notable spike in revenue, and with the anticipated Bitcoin halving event on the horizon, Arkon Energy is positioning itself to capitalize on this market dynamic.
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