Bitfury, A Crypto Mining Startup Raises $80M

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Bitfury, A Crypto Mining Startup Raises $80M

This week, Bitfury Group Ltd. said that it managed to raise $80 million from MACSF insurance group, Galaxy Digital, Macquarie Capital, and others. The Crypto mining startup said it will use the fund in the development of its blockchain platform and customizable chips. Many regard the firm as the second largest altcoin miner after Bitmain Technologies Inc.

Galaxy Digital And Other Companies Assist Bitfury Raise $80M

bitfury

Bitfury Group Ltd. has raised $80M in a new funding that was led by Galaxy Digital. Some of the other companies that help in raising the funds include Argenthal Capital Partners’, MACSF insurance group, Dentsu Inc., Armat Group, and Lian and Jarbre Group. The Cryptomining startup is planning to develop its blockchain platform and its customizable chips.

Bitfury was established in 2011. Since then, it has been mainly involved in Cryptocurrency mining where it produces application-specific integrated circuit or ASIC chips. The firm is also known for the various blockchain-powered software that it produces. In 2015, the company was involved in the production of the not so successful IOT-enabled light bulbs.

Competition In The Cryptomining Sub-Industry

Bitfury has established itself in Cryptocurrency mining sub-industry and now competes with the best companies. The London-based firm is now considered the second largest Cryptocurrency mining company worldwide after Bitmain Technologies Inc., the Chinese giant. The firm claims to be the dominant full-service blockchain technology firm worldwide.

A few weeks ago, Bitfury announced the release of its Bitcoin SHA-256 ASICs. It has been said the new mining machine will outpace and out-hash those produced by most of its competitors such as Avalon (Canaan Creative), Bitmain, and E*Bang among others. The company’s CEO Valery Vavilov said that they are working towards maximizing return-on-investment (ROI) which will be of major benefits to its clients.

While speaking about the company’s development strategy, Vavilov said the considered various factors. He said when designing their mining hardware, they consider cooling designs, optimal power distribution, chip efficiency, and silicon packaging among others. He added that consideration of all these factors can help in the production of mining machines with the best ROI.

Fundraising A Sign Of Blockchain Adoption

While speaking about the fundraising, Vavilov said that it reflects their achievement. He added that the move shows that other businesses and investors have seen the company’s ability to address existing market needs through high-performance computing which includes the use of artificial intelligence (AI).

Vavilov added that it is normal for Bitfury to play a leading role in the institutionalization of blockchain technology and virtual currencies. The company has been involved in the production of new products/platforms that have enhanced the use of blockchain technology such as Exonum and Peach. Furthermore, such a fundraising offers an opportunity for institutions to get into blockchain and Cryptocurrencies.

It appears that many companies in the Crypto and blockchain sector are going public. It is believed that the recent fundraising could be the last one for Bitfury as the Crypto miner is considering an initial public offering in Hong Kong, London, or Amsterdam next year. Bitmain went public in September.

To date, the Cryptomining startup has managed to raise $250 million. In the previous funding round, Credit China Fintech Holdings Ltd. helped the firm to raise $30 million. In the just concluded fundraising, Novogratz said he was excited to work with Bitfury, a company he believes has “unparalleled” team that planning to more in the future.

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