Akron Energy Raises $110 Million to Expand Data Center Capacity
Ohio-based data center infrastructure provider Akron Energy has secured $110 million in private funding to increase its data center megawatt capacity, primarily for Bitcoin mining operations. The funding round was led by alternative investment manager Bluesky Capital Management, with participation from Kestrel 0x1 and Nural Capital.
Akron Energy plans to allocate $80 million of the funds to expand its data centers by an additional 200 megawatts across Ohio, North Carolina, and Texas. By June 2024, the company aims to grow its total megawatt capacity by 130%. CEO Josh Payne stated that the firm’s U.S. data center portfolio is largely occupied by institutional-grade Bitcoin mining companies. The remaining $30 million will be used to enhance the artificial intelligence cloud infrastructure at Akron Energy’s Norway-based data center.
Bitcoin Mining Revenue Reaches New High
In November 2023, Bitcoin mining revenue reached $1.16 billion, marking the highest figure since April 2022. According to The Block’s Data Dashboard, transaction fees accounted for $142.2 million of this total.
About the Author
MK Manoylov has been a reporter for The Block since 2020, covering various crypto news topics. With a focus on NFTs, metaverse, web3 gaming, funding, crime, hacks, and the crypto ecosystem, MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also written for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
Hot Take: Akron Energy’s Funding Boosts Bitcoin Mining Expansion
Akron Energy’s successful raise of $110 million in private funding will significantly contribute to the expansion of its data center capacity, particularly for Bitcoin mining operations. With $80 million dedicated to growing its data centers by an additional 200 megawatts across multiple states, Akron Energy aims to increase its total megawatt capacity by 130% by June 2024. The company’s focus on institutional-grade Bitcoin mining companies highlights the growing demand for crypto-related infrastructure. Additionally, the remaining $30 million will be invested in enhancing the artificial intelligence cloud infrastructure at Akron Energy’s Norway-based data center. This funding round demonstrates the continued growth and importance of Bitcoin mining in the cryptocurrency industry.
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