There’s another Bitcoin mining company looking to get in on the rapidly growing opportunity in artificial intelligence computing power. And they want to use renewable energy to do it.
What’s happening:
- Sydney, Australia based Arkon Energy has raised $110M USD in a new funding round led by Bluesy Capital Management
- Arkon plans to use the new venture funding to acquire more Bitcoin mining data centres and also expand into artificial intelligence computing
Why it matters:
- Arkon has taken a unique approach to operating data centres by focusing on leveraging sources of renewable baseload power in regions where it is physically constrained from being exported
- By owning data centres in these types of geographic locations, Arkon is able to run their Bitcoin mining facilities with extremely low cost power that produces very few emissions
Going deeper:
- Most of Arkon’s data centres in the United States are occupied by institutional grade Bitcoin mining companies who are looking for large scale infrastructure to host their miners
By the numbers:
- Arkon will spend $80M USD to purchase Bitcoin mining facilities from Sabre56
- The other $30M USD from their new capital raise will go towards building out artificial intelligence computing power at their existing data centre in Norway
- Arkon believes they will be at 300 megawatts of total capacity after their recent acquisitions of new facilities
- Since inception Arkon has raised $138M USD in venture capital funding
