Monday , August 8 2022

Bitfury closes $ 80 million financing round | CriptoNoticias


The solution around blockchain, Bitfury, announced Tuesday from London it closed a round of private funding of $ 80 million with global securities companies like Macquarie Capital, Asian financial Dentsu, European companies Armat Group and Jabre & Lian Group, and the digital asset bank, led by Mike Novogratz, among others.

"This private placement will take our corporate governance to the next level, expand our strategic financial options, and ideally place for our next growth phase when the market disappears," said George Kikvadze, CEO of Bitfury. He also noted that the company, with $ 500 million in annual revenues , focuses on providing a B2B infrastructure using blockchain technology.

According to Bryan, Garnier & Co, the investment bank that advised Bitfury in this private placement, the company has 700 employees in 15 countries and owns five data centers operating in mining operations in Iceland, Canada, Georgia and Norway. The European company introduced a cooling system for its mining equipment, consisting of the sinking of Bitcoin miners in 160 tanks containing a non-conductive fluid to keep them cold while extracting cryptographic curves.

Bitfury is already preparing its initial public offer, according to Bloomberg, and considering doing it in Amsterdam, Hong Kong or London. If you start your IPO in the next two years, the Bitfury value can be between $ 3 and $ 5 billion. Already the biggest competitors from Bitfury, the Chinese manufacturers Bitmain and Canaan, have launched or requested their IPO.

A report published this year about the development of the mining hardware market for the next four years, Bitfury considers among the five largest manufacturers in this area, along with AMD, Bitmain, Canaan and Baikal Miner. With a compound annual growth rate (CAGR) of 9.66%, this sector can grow 44.6% between 2018 and 2022.

Featured photos of patpitchaya /

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