Crypto Mining Tech Firm Bitfury Closes $80 Million Funding Round

Bitfury Group, a cryptocurrency mining technology announced recently that it has closed down an $80 million funding led by venture capital firm Korelya Capital.

The funding had investors like Mike Novogratz’s Galaxy Digital, Macquarie Caoital Dentsu Inc., Armat Group and others, stated a press release by Bitfury. Advising Bitfury on the funding was investment bank Bryan, Garnier & Co.

“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,” stated George Kikvadez, executive vice chairman of Bitfury.

Bitfury is best known for assembling processors and devices used for mining cryptocurrencies and launched another “Clarke” ASIC chip for bitcoin mining in September. It said at the time it plans another scope of mineworkers based on the processor.

The firm additionally benefits from its mining tech business by running crypto mining datacentres in countries, for example, Canada, Norway, Iceland and the Republic of Georgia. The new Clarke chip will be introduced over these offices also, the firm showed.

The financing round after Bitfury was said to be peering toward opening up to the world by means of an IPO as a method for bringing assets up in late October. A news report at the time recommended the firm may list in Amsterdam, London or Hong Kong, possibly as soon as next year, however, an ultimate conclusion hasn’t been made yet.

Its greatest opponent in the crypto mining space, Bitmain, launched an outline for its planned IPO in September, however, it has not been without debate.

Examining why his firm partook the financing round, Mike Novogratz, CEO, and organizer of Galaxy Digital stated, “We are impressed with Bitfury’s unparalleled team, as well as the company’s vision, technical expertise, and global reach, all of which are essential to advancing the underlying bitcoin ecosystem.”


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