BitFury link with Hut8 in significant partnership as blockchain firms are flourishing

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  • Hut8 and BitFury the blockchain company link up to focus efforts on building a significant data centre for mining cryptocurrency

  • Hut8 plans to raise $33million through shares (private release)

  • Plans to establish North America as one of the largest bitcoin mining centres globally a blockchain enterprise firms flourish

Once the deal is complete ownership and management of the data mining architecture will be  handed over to Hut8, with the potential to take over more data centres in the future. Valery Vavilov, founder and CEO, has been keen to distance BitFury from the reputation of being just a bitcoin mining company and this move could just be the start of that, as they are keen to focus on the broader application of the technology. It is this technology within blockchain where future development potential exists. In recent times, when bitcoin valuations have been stumbling, it has been the blockchain entreprise firms that have been flourishing.

In 2017, American Express, Santander and Ripple linked up to achieve same day settlements for international B2B payments. The traditional banking system is founded on inflexible IT infrastructure and due to the proprietary nature of each banks systems, it is difficult to integrate. This has made settlements lengthy and this is where blockchain has been able to integrate. It is not just international money transfers that blockchain can facilitate. The digital ledger can be used to integrate into many business applications. Indeed BitFury notes that it is interested in other applications of blockchain where its competition are focussed mostly on the application of the digital system in financial services. Examples of other applications where blockchain can be integrated include ERP (enterprise resource planning) systems to configure a transparent supply chain. BitFury Group has announced a link up with the Republic of Georgia to develop a land registration system, which would be significantly faster and more accurate.

BitFury was a venture start up from 2011 and is currently one of the largest private infrastructure, full service blockchain companies. In 2016-7 fiscal year, they generated revenue in excess of $90million, with revenues earned from bitcoin transactions as well as bitcoins that it has mined.  

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