Everything in Observer
Business Description
Bitfury was co-founded in Amsterdam in 2011 by Valery Vavilov and Valery Nebesny. The company built one of Europe's first vertically integrated Bitcoin mining infrastructure companies, covering proprietary ASIC hardware manufacturing, multi-country data centers, and enterprise blockchain software. In November 2025, it announced a $1 billion technology incubator initiative.
The hardware manufacturing division produced successive generations of SHA-256 ASICs. Its 16nm chip, put into mass production in December 2015, achieved up to 184 GH/s under immersion cooling at 0.055, 0.07 J/GH. The subsequent Clarke ASIC reached 120 GH/s at 55 mJ/GH. The flagship Bitfury Tardis server delivers 80 TH/s at 6,300W in a standard 19-inch rack form factor. The containerized BlockBox AC packages 176 mining servers into a 40-foot shipping container, producing 14 PH/s at 1.1 MW, designed for modular farm deployment.
Bitfury built and operated data centers across six countries. Its Republic of Georgia facility reached 40 MW of operational capacity, including a 20 MW site erected in 30 days in 2015. An Iceland site outside Reykjavik consumed approximately 10 MW at peak. To manage thermal density across its mining infrastructure, Bitfury acquired Allied Control, a Hong Kong immersion cooling startup, in early 2015, deploying 3M Novec 7100 dielectric fluid systems that pushed rack density to 250 kW.
Bitfury launched Exonum in 2017, an open-source enterprise blockchain framework. That same year, the platform underpinned a contract to register 300,000 land titles for the Republic of Georgia's National Agency of Public Registry, one of the first government blockchain deployments at scale. In January 2018, Bitfury released Crystal, a blockchain analytics platform for AML compliance and law enforcement transaction tracing. Crystal Blockchain BV in Amsterdam distributed the product and later partnered with FICO for real-time cryptocurrency risk management.
Bitfury raised approximately $181 million across seven funding rounds, including an $80 million Series D in November 2018 that included Galaxy Digital, at a reported $1 billion valuation. The company explored a stock market listing in Amsterdam, London, or Hong Kong at a $3, $5 billion target valuation before shelving those plans.
In November 2025, Bitfury announced a $1 billion initiative targeting AI, quantum computing, decentralized systems, and sustainable high-performance computing infrastructure, with $200 million earmarked for the first twelve months of deployment. Its first announced investment under the new structure was a $50 million commitment to Gonka, a decentralized network for high-efficiency AI compute.
