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Jacob Donnelly

Jacob is a product manager working in the industrial news space as well as a freelance writer covering finance. He found bitcoin randomly, fell in love with its potential, and has been addicted to it ever since. He runs a weekly newsletter about bitcoin at CryptoBrief.com

July 9, 2015
Mining

Mining Titan BitFury Raises $20 Million to Continue Rapid Market Share Grab

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  3. Mining Titan BitFury Raises $20 Million to Continue Rapid Market Share Grab
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In a statement released today by BitFury Group, the company announced that it had raised an additional $20 million from investors including DRW Venture Capital, iTech Capital, and Georgian Co-Investment Fund. The company expects to use the money to accelerate growth and continue develop next-generation chips beyond the recently launched energy-efficient 28 nanometer chip.

There has been a significant amount of venture money moving into mining and infrastructure companies. With this $20 million, BitFury remains the most financed company, having raised two other $20 million rounds over the past three years. This funding brings total funds to $60 million, which is $31 million more than KncMiner. This brings total infrastructure investment to $116.5 million.

“By supporting BitFury’s efforts in this regard, and by providing liquidity in bitcoin via its wholly owned subsidiary, Cumberland, DRW aims to facilitate the widespread adoption of the distributed ledger technology,” Don Wilson, founder of DRW Venture, said in a prepared statement.

BitFury is also expected to use this money to support the build-out of a 100-megawatt data center in the Republic of Georgia that the company will deploy its 28 nanometer chip. In the next 6-12 months, it is also expected to roll out its 16 nanometer ASIC chip, which the company suggests will use only 0.06 joules-per-gigahash.