After fourteen years at the forefront of the Bitcoin mining industry, Bitfury, one of the oldest and most significant players in the field, has announced a fundamental change in its business model. The company is transitioning from the direct mining of digital assets to the role of a venture investor, launching a one-billion-dollar investment fund.
This colossal capital will be directed towards supporting startups in two key areas that, according to Bitfury’s management, are entering a phase of powerful synergy: Artificial Intelligence (AI) and decentralized systems (cryptocurrencies).
Bitfury’s founders emphasize that their strategic pivot is driven not only by the increasing difficulty of mining and the associated pressure on profitability but also by the desire to take a leading position in the next stage of technological evolution. CEO Valery Vavilov noted a huge synergistic effect from the interaction between AI and decentralized systems.
The fund is positioned as an initiative aimed at supporting so-called “ethical future technologies.” Investments will be concentrated on projects prioritizing transparency, sustainability, and positive social impact. Beyond AI and blockchain, the scope of interest includes quantum computing and solutions in the area of self-sovereign identity based on cryptography.
Bitfury is not entering the AI market from scratch. The company already has practical experience in the sector, having previously spun off projects such as LiquidStack (an immersion cooling solution for AI data centers) and co-founded the European company Axelera AI (a developer of AI chips). Furthermore, the company successfully took two major miners, Cipher Mining and Hut 8, public on Nasdaq.
