Tuesday , July 5 2022

Bitfury closes the $ 80 million CryptoNews funding round


A group of solutions around the blockchain, Bitfury, announced on Tuesday in London that has closed a private finance round of $ 80 million with global investment firms such as Macquarie Capital, Asian Financial Dents, European Armat Group and Jabre & Lian, as well as the Mike Novogratz Digital Asset Bank.

"This private placement will take our management to the next level, expand our strategic financial capabilities, and ideally puts us in the next stage of growth when the market matures," Bitfury executive vice president George Kikvadze said. He also noted that the company, which has $ 500 million in annual revenue, is focused on providing enterprise infrastructure that uses block technology.

According to Bryan, an investment bank that advised Bitfury in this private branch, Bryan employs 700 employees in 15 countries and owns five data centers engaged in mining in Iceland, Canada, Georgia and Norway. The European company has introduced a cooling system for its mining equipment, which involves immersing Bitcoin miners in 160 tanks containing non-conductive liquid that cools and at the same time acquires cryptocentry.

Bitfury is already preparing its initial Bloomberg IPO and is considering doing so in Amsterdam, Hong Kong or London. If you start your IPO over the next two years, the Bitfury award could be $ 3 to $ 5 billion. Bitfur and BitTorren's main competitors have already started or applied for their IPO.

This year's report on the development of the hardware market for mining over the next four years, Bitfury considers one of the five largest manufacturers in the region along with AMD, Bitmain, Canaan and Baikal Miner. At a compound annual growth rate (CAGR) of 9.66%, this sector could grow by 44.6% between 2018 and 2022.

Recommended image patpitchaya / stock.adobe.com

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