Bitfury is the latest Bitcoin mining company to transition from the mining sector, announcing that it will become an investment firm focused on "ethical emerging technologies," including artificial intelligence and cryptocurrency.
Bitfury stated on Tuesday that it plans to invest $1 billion in AI and cryptocurrency startups as early as the fourth quarter of 2025, with funds coming from its previous operations, successful investments, and its network of investors.
Bitfury CEO Val Vavilov said, "Our mission is to bridge the gap between innovation and ethics by acting as a catalyst for founders and investors, building technologies that serve humanity and promote long-term resilience."
Bitfury is one of the earliest companies to start mining Bitcoin (BTC) in 2011 and has spun off publicly listed Cipher Mining (CIFR) and Hut 8 (HUT), which are currently the second and seventh largest Bitcoin mining companies by market capitalization, respectively.
As the costs and difficulties of cryptocurrency mining have increased, many Bitcoin mining companies have fully or partially exited the industry, with some, like Bitfarms, converting their sites to be powered by AI.
Bitfury told Fortune magazine that the company will focus on artificial intelligence, quantum computing, and "transparent decentralized systems."
When asked why the company is focusing on these technologies, Vavilov stated, "AI is taking over everything. We see a huge synergy between AI and decentralized systems."
Bitfury has practical experience in AI, having built the immersive cooling solution LiquidStack to cool AI data centers, and it also co-founded the chip company Axelera AI, based in the Netherlands.
Vavilov added that autonomous identity solutions enabled by cryptography are another area of focus for the company.
With Bitcoin mining difficulty rising by 52% over the past 12 months and Bitcoin prices dropping 26.2% from the peak of $126,080 on October 6, the profitability of the Bitcoin mining industry continues to be squeezed.
These adverse factors have led to a decline in stock prices for 20 of the 22 largest Bitcoin mining companies by market capitalization over the past month.
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Original: “Bitfury pivots from mining after 14 years, launches $1 billion tech fund”
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