Ohio-based data center infrastructure provider Akron Energy has raised $110 million in private funding to expand its data center megawatt capacity, which will primarily power its Bitcoin mining operations, TechCrunch reports.
Alternative investment manager Bluesky Capital Management led the round, with additional participation from Kestrel 0x1 and Nural Capital.
According to TechCrunch, Akron Energy will use $80 million in funding to expand its data centers across Ohio, North Carolina, and Texas by an additional 200 MW, with the goal of increasing its overall megawatt capacity by 130% by June 2024. Akron Energy CEO Josh Payne added that institutional Bitcoin mining companies have a “majority occupancy” of the company’s U.S. data center portfolio.
The remaining $30 million in funding will strengthen the artificial intelligence cloud infrastructure at Akron Energy’s Norway-based data centers.
Bitcoin Mining Profit
Bitcoin mining revenue reached $1.16 billion in November 2023, the highest since April 2022, according to The Block’s data dashboard. Transaction fees comprised $142.2 million of this.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.