Bitcoin mining hardware manufacturer BitFury has announced $20m in new financing that it will use to further strengthen its international market presence while accelerating its production of ASIC, semiconductor and server products.
Valery Vavilov, CEO of the San Francisco and Amsterdam-based company, framed the funding as a validation of the company's market position, stating:
Binary Financial indicated that its investment in the company was made due to the strength of the company's technology and its team, telling CoinDesk:
Though allegedly housing its operations in strategic locations around the globe, BitFury says it will use the new funding to build out its facilities and develop new opportunities in other areas of the burgeoning bitcoin market.
Vavilov suggested that BitFury aims to continue to seek investments, perhaps next by bring its business to the public markets, saying:
BitFury operates one of the world's largest bitcoin mining operations, claiming extensive mining operations and datacenters in Finland, Georgia and Iceland.
However, the company's footprint can be seen throughout the mining industry, where its products have played a key role in the development of other major mining infrastructure operations around the globe.
Image via CoinDesk
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