Bitfury: A Success Story of a Blockchain Technology Company that is taking Europe by storm

Bitfury: A Success Story of a Blockchain Technology Company that is taking Europe by storm
February 23, 2023 Off By zswes45sd

In 2011, the world was introduced to the revolutionary concept of Bitcoin, a digital currency that was decentralized and secured through cryptography. One of the most important technologies that make Bitcoin possible is the blockchain, which is a distributed ledger that allows multiple parties to validate transactions and maintain a permanent record of them. So what does Bitfury do? Bitfury is a diversified blockchain company; it is the largest miner outside of China. Bitfury is the software and hardware developer for working with the “Bitcoin” blockchain. Bitfury is on a mission to develop software and hardware for working with the Bitcoin blockchain. 

Bitfury offices are located in San Francisco, Washington, DC, London, Amsterdam, and Hong Kong. Let’s find out how the founder came up with the idea of Bitfury.

Meet the Founder 

Bitfury founder, CEO, and Chairman is Val Vavilov. Bitfury is the world’s leading emerging technology company. Val Vavilov’s entrepreneurial experience and passion for blockchain led him to start the company in 2011, when no one knew about blockchain as it was just beginning to capture the world’s attention and imagination. 

Val was so inspired by blockchain technology that he saw an opportunity to build technological solutions that could improve the lives of people all over the world. Val started by first focusing on the hardware solutions that would ensure security and trust in the Bitcoin blockchain, leading Bitfury to develop eight generations of cutting-edge chips and state-of-art data center designs. Under the leadership of Val, that company has expanded its focus to provide custom-designed software and advanced hardware in cryptocurrency, artificial intelligence, and blockchain. Today, Bitfury is one of the major public Bitcoin blockchain security and transaction providers.

Before establishing Bitfury, Val Vavilov spent 15 years in a variety of technology and leadership positions. He has an M.S. degree in Computer Science from Riga’s Transport and Telecommunications University in Latvia and has completed the Stanford Executive Program at the Stanford University Graduate School of Business. 

History Of Bitfury 

The story of Bitfury begins in 2011, when Valery Vavilov realized the potential of blockchain technology and started exploring ways to use it in different industries. He wasted no time and assembled a team of experts in cryptography, software development, and hardware engineering, and founded Bitfury in Amsterdam, Netherlands. The company’s initial mission was to provide blockchain solutions for businesses and governments and to make blockchain technology accessible to everyone.

Like any startup, Bitfury started small, with a focus on mining Bitcoins, which involved using specialized hardware to perform complex mathematical calculations that validate transactions and earn new bitcoins as a reward. Bitfury developed its own mining chips, which were more efficient and powerful than the ones used by its competitors. This allowed Bitfury to become the largest industrial miner outside of China, with operations in countries like Georgia, Norway, and Canada. As of 2015 data, Bitfury has mined over 600,000 bitcoins and was recognized as one of the most important players in the Bitcoin ecosystem. According to Bitfury, the total revenue from mining and selling chips from the year 2015 amounted to about $ 125 million. 

Products and Services of Bitfury 

Bitfury’s ambitions are not only limited to mining, as the company has also started developing software and hardware solutions for different industries, such as finance, healthcare, and government. Bitfury’s blockchain technology was used to create secure and transparent voting systems, to track the provenance of diamonds and other precious assets, and to store medical records in a tamper-proof way. Bitfury also developed a payment processing system that allowed merchants to accept bitcoin payments and a wallet that allowed users to store and manage their bitcoins.

One of Bitfury’s most successful products is Exonum, which is an open-source blockchain framework that allows developers to create customized blockchain solutions for their businesses. Exonum is able to provide a secure and scalable environment for building blockchain applications and has been used by companies in different industries, such as real estate, logistics, and supply chain management. 

Factors Behind the Success of Bitfury 

Bitfry’s success can be attributed to the vision and leadership of its founder, Valery Vavilov. Butfury was not the first entrepreneurial venture of Val as he has been in the space of investing in technologies and ideas that are in demand. Vavilov co-founded a software company that developed 3D graphics for mobile devices, which was later acquired by an American company in 2008.

Val Vavilov saw an opportunity with Bitfury that could disrupt the traditional financial system and empower individuals and businesses through blockchain technology. He believed that blockchain had the potential to transform many industries, from healthcare to energy to finance, and that Bitfury could be a leader in this transformation. 

Val is a true-born leader, and his leadership style is characterized by innovation, risk-taking, and perseverance. He is known and appreciated for his technical expertise, his strategic thinking, and his ability to inspire his teams to achieve ambitious goals. 

Today, Bitfury is a global company with operations in Europe, Asia, and North America.