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Bitfury, known for Bitcoin
$90,975.47
mining company, is shifting its focus to become an investment firm.
The company is setting up a $1 billion investment fund to support startups working on artificial intelligence (AI), blockchain, and other digital technologies.
Set to begin in the final quarter of 2025, the fund will draw from Bitfury’s own reserves, past profits, and backing from a group of outside investors.
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CEO Val Vavilov stated in a press release:
Our mission is to close the gap between innovation and ethics by acting as a catalyst for founders and investors building technologies that serve people and promote long-term resilience.
Speaking with Fortune, Bitfury identified its priorities as AI, transparent decentralized networks, and quantum tech.
Vavilov explained that “AI is taking over” and noted the growing integration of decentralized technologies with AI applications.
The company has already developed LiquidStack, a system designed to manage the heat of large-scale computing centers, particularly those used for AI.
Bitfury also helped establish Axelera AI, a Dutch chipmaker that designs machine-learning hardware.
Additionally, Bitfury plans to explore digital identity solutions powered by cryptography. These tools give people direct control over their personal data without relying on centralized platforms.
Recently, Amazon Web Services (AWS) and OpenAI have teamed up to support OpenAI’s growing computing needs. What did OpenAI CEO Sam Altman say? Read the full story.
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