BitFury, the best capitalised mining firm in bitcoin, today announced it has raised an additional $20m in funding.
In a statement, CEO Valery Vavilov said:
The company declined to confirm if other investors participated in its third round when contacted by CoinDesk.
Since it was founded by Vavilov and Valery Nebesny in 2011, BitFury has witnessed rapid and dramatic change in the mining sector.
According to statistics from blogger Organ of Coti, BitFury recently tripled its market share, now processing more of bitcoin's blocks than all private 'block makers' put together.
In a statement on the raise, DRW Venture Capital's founder Don Wilson praised the companies efforts in this area:
Fast and cool
In the transaction processing arms race, BitFury faces competition from KnCMiner, who recently unveiled plans for a 18,000-sq ft Arctic air-cooled mining facility that will run on Europe's cheapest electricity.
Rather than sub-zero air, BitFury's new facility will keep its "high performance" 28nm chips at a stable temperature using immersion cooling technology from its subsidiary Allied Control.
Its current data centre, which The Georgian Co-Investment Fund helped develop, is located in Gori, in the east of Georgia. It has a third in Iceland.
In line with BitFury's ambition to double its performance-per-watt every six to 12 months, the facility is likely to house its 16nm ASIC, capable of 0.06 joules-per-gigahash, which is expected later this year.
Image via BitFury
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