RATE Group | Bitcoin Mining Market Still Strong as Shown by Bitfury’s $1 Billion Valuation
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Bitcoin Mining Market Still Strong as Shown by Bitfury’s $1 Billion Valuation

08 Nov Bitcoin Mining Market Still Strong as Shown by Bitfury’s $1 Billion Valuation

Posted at 02:36h in Bitcoin News by

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This week, Bitcoin mining equipment manufacturer and blockchain software firm Bitfury secured a valuation of $1 billion from billionaire investor Mike Novogratz and Korelya Capital’s $80 million investment in the firm.

The multi-million dollar funding round comes after the release of Bitfury Clarke, the firm’s new Bitcoin ASIC miner, designed to compete against Bitmain’s new equipment, the 7nm Antminer.

Valery Vavilov, the CEO of Bitfury, stated that the demand for the blockchain and crypto in general from companies and institutions had increased significantly over the past 11 months.

“We see a lot of demand from companies and public institutions to put their services or products in the blockchain — especially in emerging markets, where administrative systems can be very inefficient.”

Rising Activity in Mining and Blockchain

Throughout the past four months, despite the sideways market of Bitcoin (BTC) and the 70 percent correction…

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