Bitcoin, Cryptocurrency And Blockchain News

Bitfury closes private funding round with 80 million dollars


Crypto mining tech firm Bitfury closed a funding round worth 80 million dollars, which was led by venture capital company Korelya Capital and was joined by companies like Galaxy Digital, Macquarie Capital, Dentsu Inc., Armat Group and others.

Bitfury has been at the forefront of the blockchain revolution since 2011, providing high-performance computing technologies and processing capacities, as well as some of the most advanced software solutions for governments and corporations to deploy real-life blockchain business solutions.

Bitfury employs 700 people in 15 countries across North America, EMEA, and Asia, and operates 5 data centers located in Iceland, Canada, Georgia, and Norway. Bitfury leveraged on a strong momentum characterized by a triple-digit growth and more than half a billion dollars in revenues to expand its shareholder base. The company will use its funds to support its growth and build on its unique technology expertise to expand in adjacent market segments such as AI.

According to the press release of Bitfury, executive vice chairman George Kikvadze did not exactly mention what the money will be used for but said that it will “position us for our next phase of growth as the market matures.” He also mentioned that the mining firm is seeing half a billion dollars in revenue.

He said:

With a half billion dollars in revenues, Bitfury is the leading blockchain B2B global technology infrastructure provider at the corporate and government level. This private placement will take our corporate governance to the next level, broaden our financial strategic options, and ideally position us for our next phase of growth as the market matures.

There have been rumors going around that Bitmain is preparing for an IPO as a way of raising funds. Bitmain, which is Bitfury’s biggest rival in the crypto mining space, has launched a prospectus for its planned IPO in September.

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