Data center infrastructure provider Akron Energy raises $110 million to expand US bitcoin mining: report

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.