BitFury: Dedicated services to be released for the Chinese market this year

BitFury Group is a well-known Bitcoin blockchain infrastructure provider and transaction processing company. Founded in 2011, BitFury has management offices in San Francisco and Amsterdam, and data centers in Iceland and the Republic of Georgia. At the same time, BitFury is also the most funded mining machine company in the Bitcoin industry. In July 2015, it raised 2千万美元, which was the third round of financing for BitFury in two years. The amount of financing that has been disclosed so far has reached 6千万美元.

BitFury was founded by Valery Vavilov, a native of Latvia. BitFury does not have a public mining pool, but it has private mining pools in Finland, Iceland and the Republic of Georgia. Despite its impressive achievements in the mining industry, Valery Vavilov once said in an interview with foreign media, "We are a technology company that is currently focused on Bitcoin. Our goal in the next three to five years is to enter different fields where computing power is valuable. We plan to expand into other areas of human knowledge that require a lot of computing power."

In January 2015, BitFury acquired Allied Control, a Hong Kong-based technology startup that builds state-of-the-art immersion cooling systems and data center infrastructure to cool the world’s hottest supercomputers. The company’s modular, containerized DataTank™ data centers serve high-power density supercomputers, HPC, and cryptocurrency applications, deploying infrastructure efficiently and quickly at a low cost. With a power utilization effectiveness (PUE) of less than 1.01, more than 99% of cooling electricity can be saved, even in the hot and humid Asia.

BitFury recently purchased land in Tbilisi, Georgia, and is building a 100MW data center using proprietary immersion cooling technology and the latest silicon chip technology. In addition, BitFury plans to further expand its business in North America.

Speaking of the development of Bitcoin in中国, Valery Vavilov said: "China plays an important role in the Bitcoin industry. According to a recent report by Goldman Sachs, about 80% of Bitcoin transactions come from the RMB, with the US dollar being the second largest currency and the euro ranking third. In addition to the huge scale of Bitcoin transactions, China has become a world-class Bitcoin mining center due to its low electricity costs, mature infrastructure and low-cost hardware manufacturers. With the rapid increase in Bitcoin awareness, the Asian market has not only accepted Bitcoin, but can even influence the value and volatility of this cryptocurrency. We look forward to witnessing the development of Bitcoin in the Asian market. This year BitFury will中国市场发布专用服务, and we are very excited about this opportunity." Specific details have not been disclosed.

At the same time, Bitfury said it will launch a 16-nanometer chip and plans to launch about 400 PH of computing power within six months. Babbitt Information interviewed BitFury CEO Valery Vavilov about Bitfury's recent situation.

What do you think of the mining competitors in China? What are BitFury's advantages in gaining a significant share of the Chinese market?

We have stated many times that透明度and信任are extremely important in this industry. Companies should be transparent about how they process Bitcoin transactions, otherwise people will not trust such companies. BitFury adheres to this important principle of transparency. From our chips to our proprietary data center technology, including award-winning immersion cooling, we believe BitFury has an unparalleled competitive advantage. We are also fortunate to have some of the world's brightest minds and very influential people as advisors and supporters of BitFury. We will take full advantage of this advantage.

Is Jeff Garzik a recent member of BitFury’s Technical Advisory Board (TAB)? What is his attitude towards joining BitFury? What will the establishment of the TAB and Jeff Garzik’s joining bring to BitFury?

Yes. We recently formed a Technical Advisory Board, which includes Paul Brody, the US strategy leader for EY Technology and a well-known expert in the field of Internet of Things, and Jeff Garzik, the CEO of Dunvegan Space Systems and one of the five original Bitcoin Core developers. As for why Garzik chose to join, you can refer to his recent press release speech in which he talked about why he joined BitFury's Technical Advisory Board.

Here are Jazko's remarks at the press conference:

“I have been impressed by Valery Vavilov (BitFury CEO) and his team’s ability to develop outstanding projects, outstanding execution, and dedication to Bitcoin transparency. Their philosophy is in line with my values ​​on Bitcoin, so I am very happy to join the BitFury Technical Advisory Board.”

BitFury is delighted to welcome Jeff and Paul to our newly established Technical Advisory Board, which means we have access to a huge collective brain trust.

In your letter, there is a sentence like this: "In fact, even if the price of Bitcoin drops sharply below $5, Bitfury can still maintain stable growth." Is this true? What measures can be taken to achieve this?

Our mining chips and infrastructure are very efficient. Today, we are still able to profit from the old generation 55nm mining chips (the 55nm mining chips were developed in 2013). We have launched more efficient 28nm chips and 16nnm chips. According to preliminary calculations, our 16nm chips should be 5 times more efficient than our 28nm chips. In addition, we recently participated in the Blockchain Technology Summit on Necker Island, where we revealed that we will develop a very disruptive project -风力发电挖矿, which will greatly reduce electricity costs.

It has been reported that your company also plans to launch the first Bitcoin mining light bulb this year. What kind of design is this?

The mining bulb uses part of its energy for lighting and part of it for mining. BitFury's Bitcoin Mining Bulb works by connecting to an RGB LED bulb via Wi-Fi. A BitFury Bitcoin Mining (ASIC) chip is installed inside the bulb, so it can mine as long as it is powered. We also provide a separate smartphone software to control the bulb.

BitFury has now evolved from a pure mining company to a company whose core business is Bitcoin transaction processing. Why is there such a change? What is BitFury's overall deployment in the future?

We have repeatedly stated that we are not a Bitcoin mining company. First and foremost, BitFury is a技术公司that处理比特币交易. The more widely adopted the Bitcoin blockchain technology is, the more transactions there are, and the more revenue there is from transaction fees. Right now, we make about 0.5% of our revenue from transaction fees, and 99.5% from so-called mining rewards. However, the revenue from mining rewards is gradually decreasing, and the revenue from transaction fees is gradually increasing. Now, more and more transaction fees come from链下, and we intend to take advantage of that. Today, we process about 200,000 transactions per day. In the next few years, this number will reach trillions, especially when the Internet of Things (IoT) and Internet of Things (EoT) are fully developed. Therefore, we can expect that the revenue from transaction fees will be more than the current mining revenue in the future. If you learn how to process 10-100-1000-10k-100k-1m transactions efficiently, then it is easy to do, it is just a matter of scaling. At present, we are a technology company focused on Bitcoin blockchain technology. Our vision in the next three to five years is to expand into other areas that require a lot of computing power.