[2014-05-30] BitFury Raises $20 Million

[TheRealSteve]

BitFury Raises $20 Million, Solidifying Its Lead in Bitcoin Infrastructure

BitFury Group, the leading Bitcoin infrastructure provider, today announced it closed $20 million in financing. Investors participating in the round included Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund (GCF), Queensbridge Venture Partners and ZAD Investment Company. Renowned angel investors Bill Tai and Jonathan Teo also joined the round, along with the company’s seed investors.

[bryant.coleman]

Wow... this is the third significant (and successful) fundraising attempt by Bitcoin-related businesses in the last 2 months time (the others being Bitpay and Xapo). Augurs well for the digital currency.  

Also, as an ASIC manufacturer, Bitfury has proved to be far more trustworthy, when compared to the likes of Avalon and BFL. 

[yatsey87]

Seems these venture capitalists are throwing sill money around lately. I'm glad though because it shows others believe in the potential of the bitcoin economy. I often wonder how long itll take them to see a return on their investment though.

[LiteCoinGuy]

http://www.coindesk.com/bitcoin-mining-giant-bitfury-announces-20-million-funding-round/


2014 is the VC year 

[gweedo]

Seems these venture capitalists are throwing sill money around lately.

I wish I could show off some of my offers, I deny most of them because they want insane amount of equity.

Good glad to see VC recognizing where the security of bitcoin is and supporting it. Without these companies bitpay, coinbase, and everything else would be worth $0.00

[Yeah?]

Very good news for bitcoin. I've got a feeling more and more VCs will put money into companies all across this year.

[yatsey87]

Didn't Richard Branson plow a load of money into a bitcoin company recently as well (or a vc he was involved with)?

Seems these venture capitalists are throwing sill money around lately.

I wish I could show off some of my offers, I deny most of them because they want insane amount of equality.

Good glad to see VC recognizing where the security of bitcoin is and supporting it. Without these companies bitpay, coinbase, and everything else would be worth $0.00

Equality? Equity?  What are you running?

[gweedo]

Seems these venture capitalists are throwing sill money around lately.

I wish I could show off some of my offers, I deny most of them because they want insane amount of equality.

Good glad to see VC recognizing where the security of bitcoin is and supporting it. Without these companies bitpay, coinbase, and everything else would be worth $0.00

Equality? Equity?  What are you running?

Obviously I shouldn't be running anything LOL

[Yeezus]

That's a lot of money. What do Bitfury actually do? Are they a mining company?

[gweedo]

That's a lot of money. What do Bitfury actually do? Are they a mining company?

They build mining equipment and they are miners. http://www.bitfury.org/

[Yeezus]

Makes me really wish Idve got into mining even more now. I guess those that did are pretty wealthy now.

[LiteCoinGuy]

That's a lot of money. What do Bitfury actually do? Are they a mining company?

google will solve lots of your questions ;-)

[apacheco10]

Is it really okay to give an already huge mining operation more funding? I thought one of Bitcoin's key principles was decentralization. Isn't this going against that?

[TheRealSteve]

Is it really okay to give an already huge mining operation more funding? I thought one of Bitcoin's key principles was decentralization. Isn't this going against that?

One of their (the hardware makers as well as investors) key principles is to turn a profit, usually with 'a profit, and soon' trumping long-term concerns

That said, BitFury's chips have landed in a great many miner designs by several companies, yielding mining products that can be bought by anybody from the millionaire down to the home miner; the latter being unlikely to ROI, but in terms of decentralizing things, you'd be contributing somewhat at least   As long as a good chunk of the investment goes into chip designs / manufacture / sale, and not just into a single mining operation, it's all good.

[dave111223]

Makes me really wish Idve got into mining even more now. I guess those that did are pretty wealthy now.

Almost every miner would have been better off if they just spent all their mining equipment expenses on buying bitcoins directly.

The only miners who have done well are the ones that resold their equipment for a good price.

[bryant.coleman]

Makes me really wish Idve got into mining even more now. I guess those that did are pretty wealthy now.

Those who did mining in 2011 and 2012 are pretty wealthy right now. But starting from 2013, Bitcoin mining became a profitless venture. Also, a very large number of Bitcoiners, who spent their coins for the BFL and Avalon pre-orders lost all of their capital.