Mining Tech Firm, Bitfury Sets Up AI Unit To Analyze Data

Cryptoinformers || AUGUST 13, 2019
One of the world's biggest mining tech firm Bitfury Group has set up AI unit to analyze data, according to Reuters report today 13 Aug.

Per Reuters report
, the firm’s co-founder and CEO Valery Vavilov told the news outlet that Bitfury has launched an artificial intelligence (AI) division in order to break down the world’s vast amount of data and derive value from it.

Calling data “the next oil,” Vavilov said that 98 percent of all data is just sitting waiting to be analyzed.

Detailing in brief, 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.

Bitfury offers a number of blockchain services, as well as making computer and crypto mining hardware and running crypto mining data centers.

In 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.”

The firm has appointed tech 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, to be the head of the new unit

Prior to that, Del Maffeo held positions at at Advantech, Esprinet and Accenture, according to his LinkedIn profile.

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