BitFury Leads Bitcoin Mining Race With $20 Million in Fresh Funds

BitFury, an Amsterdam-based bitcoin mining and transaction processing company, secured $20 million after a successful funding round. DRW Venture Capital, iTech Capital, and Georgian Co-Investment Fund were the top firms that participated in the campaign.

“DRW’s investment in BitFury is an acknowledgment of the impressive work Valery Vavilov and the team has done to become a leader in the business of securing the blockchain,” said Don Wilson, Founder of DRW Venture Capital.

“By supporting BitFury’s efforts in this regard, and by providing liquidity in bitcoin via its wholly owned subsidiary, Cumberland, DRW aims to facilitate the widespread adoption of the distributed ledger technology.”

BitFury currently has a commanding stake in bitcoin mining shares with 16 percent, making it the largest private miner. Earlier this year, the company acquired Allied Control, a startup specializing in immersion cooling systems.

Through the agreement, it was able to leverage new energy efficient technology and deploy its own 28-nanometer ASIC chips. KnCMiner, the company’s closest competitor, is equipped with similar units, but is lagging behind in capital and operational support.

Since its inception in 2011, the bitcoin mining giant has raised over $60 million in funding, which is over half of the total investment in the mining infrastructure space to date.

“Today, we are excited to announce we have secured a funding round of $20m. The success of yet another funding round validates our business strategy and brings us closer to our ambitious goals,” highlighted Valery Vavilov, CEO of BitFury.

The business plans to use the money for expansion in the highly competitive sector with the development of a 100mw data center in the Republic of Georgia. To keep up with infrastructure demands, the facility will soon host a new breed of 16-nanometer ASIC chips.