While many Bitcoin mining businesses are going down, under loss due to increasing difficulty levels and infrastructure costs, BitFury has been doing really well for itself. The company, based out of San Francisco, California has announced that it has successfully raised another round of funding.
The recent fundraising round for $20 million, is the third fundraising round, participated by Georgian Co-Investment Fund along with DRW Venture Capital and iTech Capital. Georgian Co-Investment Fund has backed BitFury in all three rounds of investments.
Founded in 2011 by Valery Vavilov and Valery Nebesny, BitFury has rapidly risen among the ranks of mining companies to reach the top. The company, with its recent round of funding has surpassed its competitor, KnCMiner by $31 million. BitFury has managed to raise $60 million in funding until now, which is more than 50 percent of the total investments of about $116.5 million made in Bitcoin mining sector until now. KnCMiner has so far raised a total of $29 million in investments.
According to BitFury, the company will utilize the recently raised funds to accelerate growth. BitFury will be building up on its newly acquired 100 MW data centre based in Republic of Georgia along with its new 28nm ASIC.
BitFury has dominated the mining network, processing more blocks than all private mining pools out there. KnCMiner, the main competitor of BitFury has recently announced its plans to start an 18,000 sq. ft. data centre in the Arctic, which will run on cheapest electricity available in Europe while cutting cooling costs by circulating cold Arctic air as natural coolant through the setup.
BitFury intends to cut costs by implementing the latest low power, high performance 28nm ASICs fitted with immersion cooling technology procured from Allied Control, its subsidiary.
As the mining wars continues, the Bitcoin Blockchain may end up being controlled by a handful of mining companies, which may have a severe impact on the distributed and decentralized nature of Bitcoin.