Bitfury Group is a global technology company that has evolved from an early leader in Bitcoin mining and blockchain infrastructure to a technology incubator focused on Web3, Artificial Intelligence (AI), and sustainable high-performance computing (HPC). ^[1] Founded in 2011 by Valery Vavilov, the company was initially known for designing Application-Specific Integrated Circuit (ASIC) chips and operating large-scale Bitcoin mining data centers. ^[2] Headquartered in Amsterdam, Netherlands, Bitfury now operates as an investment and incubation firm, providing capital and strategic guidance to a portfolio of technology companies. ^[2]​

Overview

Bitfury's contemporary mission is to "shape the next generation of ethical innovation" with the goal of creating a "resilient, transparent, and human-centered future." ^[1] This represents a significant pivot from its origins as a full-service blockchain hardware and software provider. The company's current business model is centered on its function as a technology incubator, building and funding a portfolio of independent companies in its areas of focus. To support this new direction, Bitfury announced a $1 billion initiative aimed at advancing ethical innovation projects. ^{[1] [3]}​

The company's vision is to cultivate an "ecosystem of meaningful progress," where technological advancements in science and engineering are aligned with the growth of knowledge, health, and freedom. ^[1] This philosophy steers its investment strategy, which prioritizes long-term trajectories that contribute to human progress over short-term market trends. While it has expanded into AI and HPC, the company maintains its roots in blockchain through its portfolio companies and its ongoing expertise in digital assets and decentralized systems. ^[1] The company's legal structure includes entities such as Bitfury Holding B.V. and Bitfury Group Limited. ^[1]​

As a prominent name in the digital asset space, the company has had to actively warn the public about fraudulent activities. Its official website contains a disclaimer regarding unauthorized entities using the "Bitfury" brand and the existence of illegitimate tokens. ^[1] ​

History

Founding and Early Focus on Bitcoin Mining

The Bitfury Group was founded in 2011 by Valery Vavilov, who continues to serve as its Chief Executive Officer. ^[2] The company emerged during the nascent stages of the Bitcoin ecosystem, initially concentrating on Bitcoin mining operations. By 2014, Bitfury had established itself as a key technology provider within the industry by developing and selling its own custom ASIC chips and mining hardware. This vertical integration allowed the company to become one of the largest contributors to the Bitcoin network's total hash rate. The company established its presence on the social media platform X (formerly Twitter) in June 2014. ^[3]​

Diversification into Software and Enterprise Solutions

Beginning in 2017, Bitfury began to diversify its business beyond hardware and mining. That year, the company launched Exonum, an open-source framework designed for creating permissioned (private) blockchains. This platform targeted enterprise and government clients seeking to build secure and scalable applications on a distributed ledger. ​

In 2018, Bitfury further expanded its software offerings with the launch of Crystal, a blockchain analytics platform. Crystal was developed to provide tools for law enforcement and financial institutions to conduct cryptocurrency investigations, ensure regulatory compliance (AML/CFT), and manage risk. This move signaled the company's proactive stance on addressing the regulatory and security challenges of the growing digital asset industry. The same year, Bitfury secured an 1 billion. ​

In 2021, Brian Brooks, the former Acting U.S. Comptroller of the Currency, was appointed CEO of Bitfury, highlighting the company's focus on navigating the global regulatory landscape. Brooks later transitioned to a role on the Board of Directors, with Vavilov reprising his position as CEO. ​

Transition to Technology Incubator

Following its period of diversification, Bitfury underwent a strategic evolution, transitioning from a primary focus on its own operations to a model of building and funding a portfolio of independent companies. This "new chapter" was formalized with the announcement of a $1 billion initiative to advance ethical innovation. ^[1] This solidified its new identity as a global technology incubator with a stated commitment to human-centric principles. The company now leverages its foundational expertise in blockchain and high-performance computing to support and provide capital to ventures in Web3, AI, and sustainable computing. ^[1]​

Investment Thesis and Principles

Bitfury's investment strategy is guided by a long-term vision to construct an "ecosystem of meaningful progress." The company's approach is structured around five core investment domains and four guiding principles. ^[1]​

Five Investment Domains

Bitfury's investments are focused on five interconnected areas that it believes will shape future technological and societal development: ^[1]​

1. Foundational Digital Infrastructure: This domain includes investments in AI, quantum computing, and sustainable energy systems designed to create low-carbon data ecosystems.
2. Decentralized Value Architectures: This area focuses on building tokenized economies that enable transparent and equitable exchange across both digital and physical assets.
3. Governance & Coordination: This includes developing systems that promote accountability, collective intelligence, and self-sovereign identity.
4. Ethical & Conscious Education: This domain supports learning frameworks that integrate technical skills with emotional intelligence and moral responsibility.
5. Well-Being & Longevity: This involves investing in technologies aimed at enhancing human mental and physical resilience and longevity.

Core Principles

The company's investment decisions are filtered through four core principles: ^[1]​

• Scientific Depth: Prioritizing technologies that are grounded in rigorous research and engineering, spanning fields from AI and quantum computing to biotechnology.
• Human-Centric Design: Ensuring that the products and protocols it backs are designed to make life more transparent, equitable, and self-directed for individuals.
• Collaborative Progress: Partnering with builders, researchers, and institutions that prioritize cooperation as a primary driver of innovation.
• Meaning & Scale: Investing in projects that possess both a profound purpose and the potential for global impact.

Business Areas and Portfolio

Bitfury organizes its investments and incubated companies into three primary verticals, leveraging its institutional knowledge while expanding into new technology sectors. ^[1]​

Web3 & Digital Assets

This division is built upon Bitfury's original foundation in blockchain technology. It includes companies that provide infrastructure and tools for the digital asset economy. ^[1]​

• Cipher Mining (NASDAQ: CIFR): Cipher Mining is a publicly-traded, industrial-scale data center company. It specializes in providing infrastructure for Bitcoin mining and other high-performance computing services. ^[1]
• Crystal: Evolving from an internal project to a standalone company, Crystal provides a blockchain analytics platform for compliance, risk management, and crypto-crime investigations. Its clients include financial institutions, virtual asset service providers (VASPs), and law enforcement agencies. ^{[1] [3]}

Sustainable High-Performance Computing (HPC)

This vertical focuses on creating efficient and environmentally sustainable infrastructure for compute-intensive applications.

• LiquidStack: A company incubated by Bitfury that develops two-phase immersion cooling systems for data centers. This technology submerges hardware in a dielectric fluid, which boils at a low temperature to remove heat. This method is significantly more energy-efficient than traditional air cooling and allows for greater computing density, making it suitable for demanding applications in AI, quantum computing, HPC, and Web3. ^{[1] [3]}

Artificial Intelligence (AI)

Bitfury invests in AI technologies that align with its human-centric and ethical principles.

• Axelera AI: An AI company developing energy-efficient, high-performance AI accelerator chips. The goal of Axelera AI is to make AI technology more accessible and sustainable for a wider range of applications, particularly at the edge. ^{[1] [3]}

Legacy Products and Technology

Before its transition to an incubator model, Bitfury was a prominent developer and manufacturer of hardware and software for the blockchain industry. Many of these technologies formed the foundation for its current expertise. ​

Hardware

• ASIC Chips: Bitfury designed and produced several generations of high-performance, energy-efficient ASIC chips for Bitcoin mining (SHA-256 algorithm). A notable generation was the 16nm "Clarke" ASIC, which powered its mining hardware.
• Bitcoin Mining Servers: The company manufactured its own mining servers, such as the Bitfury Tardis, which packaged its latest ASIC technology into units optimized for performance and power efficiency.
• Immersion Cooling: A key technological innovation was the development and large-scale deployment of immersion cooling for its data centers. This technology, now commercialized through its portfolio company LiquidStack, submerged computer components in a dielectric fluid to provide superior thermal management compared to air cooling.

Data Center Solutions

• BlockBox AC: Bitfury engineered and sold modular, mobile data centers housed in standard shipping containers. These "BlockBox" units offered a scalable, plug-and-play solution for rapidly deploying Bitcoin mining or other HPC operations in diverse environments.

Software

• Exonum™: This open-source, permissioned blockchain framework was created to enable businesses and governments to build and launch secure, scalable blockchain applications. Use cases included creating transparent registries, digital asset platforms, and secure supply chain solutions.

Leadership

• Valery Vavilov: Founder and Chief Executive Officer (CEO) of Bitfury Group. He has led the company since its inception in 2011, guiding its strategic evolution from a Bitcoin miner to a diversified technology incubator.
• George Kikvadze: Executive Vice Chairman of Bitfury. He is involved in the company's strategic direction and global expansion initiatives. ^[2]
• Brian Brooks: A member of the Board of Directors. Brooks previously served as CEO of Bitfury and is the former Acting Comptroller of the Currency in the United States, bringing significant regulatory expertise to the company.