Share this article
Blockchain Firm Bitfury Turns to AI for Big Data Mining
The Bitfury Group has launched an artificial intelligence division with the aim of creating value out of the vast amounts of data now available.
Updated Apr 10, 2024, 2:23 a.m. Published Aug 13, 2019, 8:19 a.m.
The Bitfury Group may soon be known as a data miner, as well as a crypto mining firm.
In an interview with Reuters on Tuesday, the firm's co-founder and CEO Valery Vavilov said Bitfury has launched an artificial intelligence (AI) division in order to break down the world's vast amount of data and derive value from it.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Calling data "the next oil," Vavilov said that 98 percent of all data is just sitting waiting to be analyzed.
While giving away few details, he added that the data analyses would utilize blockchain. “We also need to trust that data so that’s where blockchain comes in,” Vavilov said.
offers a number of blockchain services, as well as making computer and crypto mining hardware and running crypto mining data centers.
Last November, Bitfury closed an $80 million funding round led by venture capital firm Korelya Capital. Mike Novogratz’s Galaxy Digital, Macquarie Capital, Dentsu Inc., Armat Group and others, also participated.
A month prior, the firm was said by Bloomberg sources to be considering holding an initial public offering (IPO) via a stock exchange listing in Amsterdam, London or Hong Kong. The sources said Bitfury may be valued as high as $3 billion–$5 billion if it goes public within the next two years.
Bitfury’s AI division is currently in “research mode,” according to Vavilov, with a clearer vision of its potential use cases and products expected at the end of the year or early 2020.
He said in a statement:
“Just as blockchain technology enables us all to fix our most broken and distrusted systems, artificial intelligence will bring new and extraordinary benefits to nearly every facet of our lives. To help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications.”
To head up the new unit, the firm has appointed tech veteran Fabrizio Del Maffeo, formerly vice president and managing director of AAEON Technology Europe, a firm that focuses on AI and IoT as part of the ASUS Group.
Prior to that, Del Maffeo held positions at at Advantech, Esprinet and Accenture, according to his LinkedIn profile.
Data image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
What to know:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
Top Stories
