It’s been a while the cryptocurrency industry has been experiencing a turbulent climate. Although the investors are too afraid to reinvest in crypto, there is a particular segment benefiting from the downtrend.
Crypto Mining Sector Keeps Growing
Despite the market downtrend, the cryptocurrency mining sector has been thriving. If it is not thriving, then the sector is simply increasing its market influence.
Crypto news website Bittribute shares that with the trading prices of the cryptocurrencies very low level, the mining firms have realized it is the best opportunity to buy as many mining rigs as possible.
Australian Mining Firm is growing its Empire
Arkon Energy, an infrastructure company for the renewable data center has made it to the breaking news for expanding its operations.
The platform has announced that it has a goal of expanding the mining operations that it currently runs for Bitcoin.
Arkon officials have confirmed that they have recently acquired a new data center that is based in Europe.
They plan on continuously expanding their business and build their mining centers in more areas.
$28 Million Funding Roumd
Arkon has reportedly held a funding round that has helped them generate a decent amount of funds.
The company is to use these funds for the expansion of their Bitcoin mining business.As per the latest reports, Arkon has generated a total of $28 million from the particular funding round.
Arkon was supported by multiple companies in the funding round because of its vision and the way it has been running its business.
The company focuses on the construction of mining centers that use 100% renewable electricity for the mining activities of Bitcoin.
The very reason has allowed Arkon to be able to sustain its operational costs. It has been operating without facing any financial crisis. It has the opportunity to expand even in the market downturn.
Comments by Josh Payne
Josh Payne, the CEO at Arkon talked about the current market situation and how they have benefited from it.
He stated that the conditions they are facing now are the perfect time to invest as many resources as possible to grow their business.
Due to the market downfall, the most of the small- and mid-level mining centers have shut down their businesses.
Due to that, the market has abundance of reusable and high-end mining equipment. The most promising part is that these rigs are available at very low costs.
As the Bitcoin mining business is rising at a fast rate, the competition is growing fast in the particular sector. With the installation of more mining rigs, more hash power would be generated.
Eventually, with so many mining centers and competition in play, Bitcoin demand would rise. This would help boost BTC’s price both on the short run and long run.