Ohio-based data center infrastructure provider Akron Energy raised $110 million in private funding to expand its data center megawatt capacity, which will mainly power Bitcoin mining operations, reports TechCrunch.
The alternative investment manager Bluesky Capital Management led the round, which saw additional participation from Kestrel 0x1 and Nural Capital.
Akron Energy will use $80 million of the funds to boost its data centers by an additional 200 megawatts across Ohio, North Carolina and Texas, with the goal of growing its total megawatt capacity 130% by June of 2024, TechCrunch said. Akron Energy CEO Josh Payne added that institutional-grade Bitcoin mining companies "largely occupy" the firm's U.S. data center portfolio.
The leftover $30 million in funding will bolster artificial intelligence cloud infrastructure in Akron Energy's Norway-based data center.
Bitcoin mining revenue
Bitcoin mining revenue reached $1.16 billion in November 2023, the highest it's been since April 2022, The Block's Data Dashboard shows. Transaction fees comprised $142.2 million of that figure.
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