Bitfury is the newest Bitcoin miner to pivot away from the mining sector, saying it should grow to be an funding agency centered on “moral rising applied sciences,” together with synthetic intelligence and crypto.
Bitfury mentioned on Tuesday that it will pour $1 billion into AI and crypto startups as early because the fourth quarter of 2025, with the funds coming from its earlier operations, profitable investments, and a community of buyers.
“Our mission is to shut the hole between innovation and ethics by performing as a catalyst for founders and buyers constructing applied sciences that serve folks and promote long-term resilience,” mentioned Bitfury CEO Val Vavilov.
Bitfury was one of many first corporations to start out mining Bitcoin (BTC) in 2011 and had spun out the NASDAQ-listed Cipher Mining (CIFR) and Hut 8 (HUT), at present the 2nd and seventh largest Bitcoin miners by market cap.
Many Bitcoin miners have been absolutely or partially pulling away from the trade as the associated fee and issue of mining crypto have elevated, with some, comparable to Bitfarms, changing their websites to energy AI.
Bitfury CEO nonetheless sees crypto taking part in a giant function in society
Bitfury instructed Fortune that it will deal with AI, quantum computing, and “clear decentralized methods.”
”AI is taking on,” Vavilov mentioned when requested why the corporate will deal with these applied sciences. “We see the large synergy between AI and decentralized methods.”
Bitfury has hands-on expertise in AI, having constructed an immersion-cooling resolution, LiquidStack, to chill AI information facilities, whereas additionally co-founding Netherlands-based chip firm Axelera AI.
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Vavilov’s added that self-sovereign identification options enabled by means of cryptography are one other space of focus for the corporate.
Crypto miner inventory slides with Bitcoin
Profitability margins within the Bitcoin mining sector proceed to be squeezed amid a 52% rise in Bitcoin mining issue over the past 12 months and a 26.2% fall in Bitcoin’s worth from its $126,080 set on Oct. 6
The headwinds have resulted within the inventory costs of 20 of the 22 largest Bitcoin mining corporations by market cap falling over the past month.
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