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.
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.
Data image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.