BitFury Outlines How It Plans To Spend $20 Million

Bill Tai1, Lars Rasmussen2 and the Georgian Co-Investment Fund are just some of the investors who participated in Bitfury's latest funding round.

The funding round, which raised $20 million, was closed in less than a week and will be used to roll out Bitfury's 28nm3 ASIC chip4. For comparison, KNC's Neptune, while more efficient5 than Bitfury's 55nm chip, is already using the 28nm process. The BitFury roadmap includes plans for sub 0.1 W/GH chips by mid 2015.

BitFury also runs its own data centres and the raised funds will be used to expand capacity to greater than 100 megawatts. With this scale advantage over competitors, BitFury will continue to sell at least half of their hashing power to current and new customers.

One such customer is the Australian stock market listed Digital BTC6, which purchased mining hardware from BitFury in March, May and August ((March and May purchase was a $2 million investment, August was $1.3 million.) of 2014.

  1. BitFury board member. 

  2. Co-founder of Where 2 Technologies which later became Google Maps. 

  3. Up until now, BitFury have been using 55nm at 0.8 W/GH. 

  4. 0.2 W/GH 

  5. 0.56 W/GH 


One thought on “BitFury Outlines How It Plans To Spend $20 Million

  1. What? Georgian co-investment fund is getting into bitcoin? So weird.

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