Arkon Energy, a data center infrastructure provider based in Melbourne, Australia, is expanding to the U.S. with the acquisition of a site in Hannibal, Ohio. The company, which uses renewable electricity to mine bitcoin (BTC), also raised $26 million in fresh capital from Sandton Capital Partners to fund an aggressive expansion into North America. This is in addition to the $28 million it raised in November when it bought Hydrokraft AS, a renewable energy-based data center in Norway. CEO Joshua Payne said in a statement that the acquisition is likely to be the first of several over the next year.
The Ohio data center is designed for a capacity of 100 megawatts (MW) and is expected to add up to 3.3 exahash per second (EH/s) to the firm’s hashrate by the end of 2023. Arkon Energy hopes the facility will offer a predictable revenue stream by providing server hosting services to bitcoin mining firms.
Payne commented on the difficulty of raising capital in the current climate, saying, Raising capital in the current climate, particularly amidst a crypto downturn and increasing regulatory scrutiny, was indeed a challenge. However, the uncertain market landscape also presents very well-priced buying opportunities for those that are able to navigate the storm and protect the downside.