Bitfury exits mining, pivots to $1B push in AI and digital assets
The post Bitfury exits mining, pivots to $1B push in AI and digital assets appeared on BitcoinEthereumNews.com.
Bitfury, the established Bitcoin-mining firm co-founded by Val Vavilov, is making a bold strategic shift — announcing a $1 billion investment fund that will steer away from pure crypto extraction and toward the next frontier of ethical technology. According to Bitfury’s executive vice chairman, George Kikvadze, the company is now channeling “its winnings” from Bitcoin into mission-driven founders, particularly those working at the intersection of AI, decentralization, and self-sovereign identity. Bitfury stops Bitcoin mining and invests billions in new tech Bitfury began mining Bitcoin in 2011 and has helped establish some of the largest cryptocurrency mining companies, including Cipher Mining (CIFR) and Hut 8 (HUT), which are listed on the NASDAQ stock exchange. The company became one of the first firms to build large-scale Bitcoin mining operations and has influenced how the industry creates and trades other digital currencies. However, mining Bitcoin today is more challenging than it was decades ago, as the cost of electricity has increased significantly over the past few years. Running big mining operations is very expensive. The price of Bitcoin has also dropped from $126,080 and is now below $90,000; as a result, miners are making very little profit. These challenges have prompted many Bitcoin miners to invest in new ventures, prompting Bitfury to shift its focus from mining to technology. The company aims to invest in sustainable and ethical technologies that will drive its future growth and have a positive impact on the world. Vavilov stated that the company aims to support projects that are both profitable and contribute to societal progress. He explained that the company is focused on industries such as AI, quantum computing, cryptocurrency systems, and decentralized technology because people have more control over their data in these fields. The CEO stated that Bitfury will invest in projects that make a difference…
Filed under: News - @ November 19, 2025 8:27 am