Bit Fury Makes Mining Mainstream
Bit Fury is now along the same lines as major corporations like Microsoft and Amazon, both of which have established blockchain solutions to assist new businesses looking to establish their operations on distributed ledgers. However, its main claim to fame still seems to be the establishment and distribution of crypto mining equipment, through which it pulled in more than $500 million in annual revenue in 2018.
Bit Fury tries to give its clients a few options. Do they want to run on partially decentralized cloud-computing servers, or are they looking for a more traditional approach? In other words, do they want their servers physically located within their offices or offsite? Either way, the company seeks to provide further security so customers can feel comfortable wherever they or their servers might be situated.
Chief executive and co-founder Valery Vavilov said that different clients go for different things. In a statement, he explains:
Usually, enterprises use private blockchains for special purposes, for example in governments as different kinds of registry systems, but we are also using bitcoin blockchain anchoring to get bitcoin blockchain security for our private blockchain.
Founded in the year 2011, Bit Fury was one of the fist companies to begin selling mining equipment to outside parties. Nowadays, the notion of selling BTC or crypto miners has been taken to an even higher level through firms such as Canaan Creative or Bitmain – both of which are situated in China – but it can be argued that Bit Fury was one of the original instigators of the mining service industry.
Based in Amsterdam, the company is valued at more than $1 billion and made nearly $200 million in revenue during its first year in business. It recently earned a place on Forbes’ list of 50 billion-dollar companies based in either blockchain or cryptocurrencies.
What Makes This System So Different?
Plans for Exonum, however, didn’t come about until the year 2015. At that time, the company had been around for roughly 48 months, and eager to get bigger and stronger, Bit Fury hired a small team of developers based in the Ukrainian capital of Kiev to work on establishing an open-source version of the platform which came about in the year 2017. Exonum was designed to handle more than 5,000 transactions per second, which outdid bitcoin’s seven per second by a longshot.