By More mining news today as Bitfury Group, a cryptocurrency mining technology firm has just closed off a round of funding led by venture capital firm Korelya Capital at a whopping $80 million.
Mike Novogratz’s Galaxy Digital, Macquarie Capital, Dentsu Inc, Armat Group and other investors also participated in the private placement according to a press release published by Bitfury. Playing as advisory to Bitfury during the funding process was Bryan, Garnier & Co, an investment bank
Bitfury’s Executive Chairman, George Kikvadze had this to say in the release:
“With a half billion dollars in revenues, Bitfury is the leading blockchain B2B global technology infrastructure provider at the corporate and government level. This private placement will take our corporate governance to the next level, broaden our financial strategic options, and ideally position us for our next phase of growth as the market matures.”
Known for their manufacturing processors & mining devices, Bitfury recently launched a new “Clarke” ASIC chip to be used for Bitcoin mining back in September. Bitfury, also at the time announced plans to release a series of new miners utilizing the processor.
Bitfury also capitalizes via their mining tech business by operating mining data centers in Ireland, Georgia, Canada and Norway, and their new Clarke chip will also be installed in all these facilities according to them.
This funding round ended after Bitfury was allegedly said to be going public by means of an IPO as a means of raising funds in October. At the time, a news report claimed that Bitfury might begin listing in Amsterdam, London or even Hong Kong with a possibility of launching as early as January but so far no concrete decisions have been made.
Bitmain, who are currently Bitfury’s main nemesis in the mining arena, recently launched their prospectus for a planned IPO back in September but one must note that this move was not met without controversy.
Mike Novogratz, CEO of Galaxy Digital discussed why his firm took part in the funding round by stating: “We are impressed with Bitfury’s unparalleled team, as well as the company’s vision, technical expertise, and global reach, all of which are essential to advancing the underlying bitcoin ecosystem.”
Which of these mining firms will beat the other in the race to launch an IPO? Let us know your thoughts by commenting below.
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