NEWS
NEWS
NEWS
BitFury grabs another $20m to build 100 MW data center for blockchain infrastructure
BitFury Group, a well-established Bitcoin blockchain infrastructure provider and transaction processing company, just announced it raised $20 million in funding with participation from DRW Venture Capital, iTech Capital and Georgian Co-Investment Fund.
“The success of yet another funding round validates our business strategy and brings us closer to our ambitious goals,” said Valery Vavilov, CEO of BitFury. The company added in a press release that it intends to use the $20 million to support accelerating growth into technology and business ventures related to the Bitcoin blockchain.
This round of funding piles on top of $20m in Series A funding received by BitFury in May 2014, and $20m in October 2014, bringing the total funding for the company to $60m to date.
The funding round will also give BitFury the seed it needs to capitalize on the recent acquisition of a privatized 185,000 sq. m land plot located in the Republic of Georgia intended for use to build a mega data center with up to 100 MW energy capacity for transaction processing. The data center will be supported by Allied Control, a recent acquisition by BitFury to provide expertise in liquid-cooled datacenter infrastructure.
“DRW’s investment in BitFury is an acknowledgment of the impressive work Valery Vavilov and the team has done to become a leader in the business of securing the blockchain,” said Don Wilson, Founder of DRW Venture Capital. He added that DRW’s support for BitFury hopes to see the company push adoption of the Bitcoin blockchain as distributed ledger technology.
BitFury: the transforming Bitcoin mining company
BitFury has continued to evolve in the industry from ASIC miner and chip maker to a multifaceted business that supports Bitcoin blockchain technology and provides transaction services.
To add to BitFury’s manifold interests in Bitcoin technology, the company unveiled lightbulbs that mine Bitcoin at the Block Chain Summit held on Richard Branson’s private island.
Bitcoin blockchain technologies continue to hold the attention of enterprise and investor level businesses across the globe. These include advancements from Nasdaq, the American stock exchange company, which intends to use the blockchain for securities tracking, and the government of Honduras has looked to Factom, another asset-tracking blockchain technology, to secure property management.
With a datacenter dedicated to Bitcoin mining, transaction processing, and blockchain technology support, BitFury would be placing itself in the marketplace to serve enterprise and government-level contracts with hardware infrastructure support to run these projects.
Image via BitFury Group, http://bitfury.org
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