Bitfury Closes $80 Million Private Funding Round
Bitfury is one of the world’s largest crypto mining hardware manufactures, as it supplies mining behemoths from around the globe with the hardware they need. In a bid to expand the firm and keep up with Chinese mining hardware giant Bitmain, Bitfury has closed an $80 million private funding round that was led by Korelya Capital and joined by Galaxy Digital – Mike Novogratz’s investment firm. There is an increased demand for Bitfury products, and with the release of Bitfury Clarke and Bitfury Tardis, Bitfury is looking to ramp up its production lines.
The US and China Trade War Equation
Bitfury stands to win in the current US and China trade war thanks to its strategic location in the heart of Europe. Currently, crypto mining hardware from China is being taxed at an additional 25% the second it lands in the US, meaning it makes mining highly unprofitable for American miners. However, by using Bitfury hardware, American miners don’t need to pay excessive import taxes, making its hardware more desirable.
Bitfury BlockBox Powering Top Miners
Hut 8 – the largest publicly traded crypto mining firm – is proud to use Bitfury’s BlockBoxes. By plugging in ultra-low-cost power to these powerful crypto mining solutions, Hut 8 can effectively mine Bitcoin with a high-profit margin. Bitfury brings a unique blend of performance with power efficiency to the table in all of its products – a key reason why its crypto mining products are so popular.
An IPO on the Cards?
This funding round could be a precursor to a potential IPO, just like we have seen from Bitmain. If Bitfury does head down the IPO route, we can expect a valuation somewhere in the region of $5 billion. Bitmain began its IPO process by submitting a draft proposal to the Hong Kong Stock Exchange back in September, but it has yet to file a final application. Coinbase – one of the most popular American crypto exchanges – looks set to be valued at $8 billion after IPO details were revealed last week. It appears IPOs are currently in season and 2019 could be packed full of amazing opportunities to get your hands on equity in these market-leading firms.
Crypto mining is at the core of the blockchain industry, and without miners the industry would simply collapse. Bitfury’s products are unparalleled in their power and performance, making them a popular choice with the smart crypto miners. This new funding round signals prosperous times ahead for Bitfury, and we can expect more excellent products to roll off its production lines well into 2019.