In an interview with Reuters on Tuesday, the firm’s co-founder and CEO Valery Vavilov said Bitfury has launched an artificial intelligence (AI) division in order to break down the world’s vast amount of data and derive value from it.
The Bitfury Group may soon be known as a data miner, as well as a crypto mining firm.
Calling data “the next oil”, Vavilov said that 98 percent of all data is just sitting waiting to be analyzed.
While giving away few details, he added that the data analyses would utilize blockchain. “We also need to trust that data so that’s where blockchain comes in”, Vavilov said.
Bitfury offers a number of blockchain services, as well as making computer and crypto mining hardware and running crypto mining data centers.
Last November, Bitfury closed an $80 million funding round led by venture capital firm Korelya Capital. Mike Novogratz’s Galaxy Digital, Macquarie Capital, Dentsu Inc., Armat Group and others, also participated.
A month prior, the firm was said by Bloomberg sources to be considering holding an initial public offering (IPO) via a stock exchange listing in Amsterdam, London or Hong Kong. The sources said Bitfury may be valued as high as $3 billion–$5 billion if it goes public within the next two years.
Bitfury’s AI division is currently in “research mode”, according to Vavilov, with a clearer vision of its potential use cases and products expected at the end of the year or early 2020.
He said in a statement:
“Just as blockchain technology enables us all to fix our most broken and distrusted systems, artificial intelligence will bring new and extraordinary benefits to nearly every facet of our lives. To help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications.”
To head up the new unit, the firm has appointed tech veteran Fabrizio Del Maffeo, formerly vice president and managing director of AAEON Technology Europe, a firm that focuses on AI and IoT as part of the ASUS Group.
Prior to that, Del Maffeo held positions at at Advantech, Esprinet and Accenture, according to his LinkedIn profile.
Bitmain to Launch the World Digital Mining Map This October
SINGAPORE, 27 September, 2019 – During the World Digital Mining Summit (WDMS) – which will take place in Frankfurt on 8-10 October – Bitmain will launch the first platform to connect mining hardware owners with mining farm owners via the World Digital Mining Map (WDMM).
To remain price-efficient, owners of mining hardware are regularly on the lookout for locations with the right conditions and power resources for cryptocurrency mining. The WDMM will be the first global resource to connect them with mining farms who have the available power resources to host them for a fee.
“The WDMM will help make cryptocurrency mining more sustainable in the long-run by connecting mining farms and hardware owners in a whole new way. It is part of our commitment to provide miners with on-going support throughout their hardware’s lifetime and to support the sector’s overall growth”, said Matthew Wang, Director of Mining Farm of Bitmain.
Mining farm owners can apply to be listed on the WDMM during the WDMS. Applicants will need to provide details on their current mining farm setup and capacity to host other miners. In return, participants will be given personalised services from Bitmain which includes assistance with mining farm design, connections to foreign customers to host, and support with operations, purchasing and construction.
“Being listed on the WDMM helped me to find miners who want to host their rigs in my facility. Bitmain was able to connect me with the right customers to fill in the extra capacity I had. This is the support I needed to help me expand my facility at a faster pace”, said Gregory Ohanessian, Chief Mining Officer of VC Mining.
“Tapping into Bitmain’s assessment and support services via the WDMM helped me to optimise my facility. Their team suggested new ways to further the overall output from my Antminers while reducing downtime. This has made it cheaper to build my mining farm and made operations more cost-effective, driving overall profits”, added Dmitrii Ushakov, Chief Commercial Officer of Bitriver.
During the WDMS, Bitmain will also announce the winners of the Top 10 Mining Farms around the world. The summit will provide a workshop focused on mining farm data analysis, as well as discussions on the future of mining facilities. There will be opportunities for miners and mining farm owners to exchange ideas and explore partnership opportunities.