In Australia, mining BTC has developed into a thriving industry.
A recent acquisition of Arkon was the renewable energy facility Hydrokraft AS.
In order to improve BTC mining operations, Arkon is trying to raise money.

Despite the continuous volatility in the cryptocurrency market, those involved in the mining industries remain optimistic about a quick turnaround. Australian company Arkon Energy has been successful in raising $28 million, or around Rs. 228 crore, to extend its environmentally friendly BTC mining activities into the nation.

Arkon is an Australian Capital Territory-based provider of renewable data centre infrastructure. Blue Sky Capital, a quantitative investment manager and market maker for digital assets, led the funding round.

The company that benefits from this uses only electricity that is produced from renewable resources. According to reports, the business harvests renewable energy from electricity markets to stably reduce expenses.

A compelling opportunity to capitalise on our distinct profitability and availability of growth capital is presented by the current market environment, which is characterised by cheap pricing for Bitcoin and mining equipment.

A Norwegian data centre that uses renewable energy, Hydrokraft AS, was just acquired by Arkon. The Australian business hopes to build the necessary infrastructure with the help of this investment in order to fully utilise Hydrokraft's capabilities.

Profit margins for cryptocurrency miners have decreased as a result of the sharp decline in the price of Bitcoin and other cryptocurrencies. The cost of power has increased recently in many places around the world, which has had a significant negative influence on the cryptocurrency mining industry. According to a Bloomberg story, during the most recent crypto crisis, Bitcoin miners lost over $1 billion (approximately Rs. 8,200 crore). 

Now, a number of market participants are attempting to profit on the bearish attitude. According to reports, in September, crypto millionaire Jihan Wu established a $250 million (about Rs. 2,043 crore) fund to purchase cryptocurrency mining equipment from struggling merchants. The blockchain company Bitmain was founded by Wu.

New solar-powered Bitcoin miner Aspen Creek Digital Corp. (ACDC) recently closed a $4.3 million (roughly Rs. 35 crore) funding round, and Vespene Energy, a company that uses methane gas released from landfills to generate electricity for bitcoin mining, raised $8 million (roughly Rs. 65 crore) in Series A funding.