# Bitfury

> Bitfury is a blockchain and digital-assets infrastructure company founded in 2011 that spent a decade building the hardware and software layer beneath Bitcoin - custom ASIC mining chips, modular BlockBox data centers, two-phase immersion cooling, the Exonum blockchain framework and the Crystal analytics tool used by investigators. It ran large mining operations, spun out companies including LiquidStack, Axelera AI and Nasdaq-listed Cipher Mining, and in 2025 pivoted into a technology incubator and investment firm backing ethical AI, web3, decentralized systems and quantum startups.

- **Founded:** 2011
- **Headquarters:** Amsterdam, Netherlands
- **Founders:** Valery Vavilov (Co-Founder, CEO & Chairman), Valery Nebesny (Co-Founder & CTO)
- **Team size:** ~500-1,000 employees historically across ~8 global offices (third-party estimates)
- **Products:** Bitfury ASIC chips (Clarke), BlockBox / BlockBox AC, Immersion cooling, Exonum, Crystal Blockchain (Crystal Intelligence)
- **Notable:** Designed and shipped six generations of Bitcoin ASIC chips, culminating in Bitfury Clarke (2018)., Built the first government blockchain land-title registry, in the Republic of Georgia., Reached unicorn valuation and was named to Forbes' Fintech 50.

## Products & services

- **Bitfury ASIC chips (Clarke)** — Custom SHA-256 application-specific integrated circuits for Bitcoin mining; six generations, the last being Bitfury Clarke.
- **BlockBox / BlockBox AC** — Mobile, containerized modular Bitcoin data centers with remote monitoring, deployable at power sites anywhere.
- **Immersion cooling** — Two-phase liquid immersion cooling for high-density compute, built on the Allied Control acquisition; later spun out as LiquidStack.
- **Exonum** — Open-source permissioned blockchain framework that anchors data hashes to the Bitcoin blockchain; used for government registries.
- **Crystal Blockchain (Crystal Intelligence)** — Blockchain analytics and investigation platform for law enforcement, regulators and financial institutions.

## Achievements

- Designed and shipped six generations of Bitcoin ASIC chips, culminating in Bitfury Clarke (2018).
- Built the first government blockchain land-title registry, in the Republic of Georgia.
- Reached unicorn valuation and was named to Forbes' Fintech 50.
- Spun out LiquidStack (immersion cooling) and Axelera AI (AI chips), and helped take Cipher Mining public on Nasdaq.
- Won recognition for energy-efficient data-center cooling design.

## Latest updates

- **2025-11** — Launched a $1 billion initiative to fund and incubate ethical AI, web3, decentralized systems, quantum computing and self-sovereign identity startups, with ~$200M to be deployed in year one.
- **2024-01** — Completed a non-dilutive distribution of roughly 126 million Cipher Mining shares to Bitfury shareholders.
- **2021-08** — Cipher Mining, backed by Bitfury, began trading on Nasdaq (CIFR) via a SPAC merger.
- **2021-03** — Immersion cooling business spun out as standalone company LiquidStack with a $10M Series A.

## Links

- Website: https://bitfury.com
- LinkedIn: https://www.linkedin.com/company/bitfury
- Twitter/X: https://x.com/BitfuryGroup
- GitHub: https://github.com/exonum
- YouTube: https://www.youtube.com/c/TheBitfuryGroup
- Instagram: https://www.instagram.com/bitfurymining/
- Facebook: https://www.facebook.com/Bitfury/

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Profile page: https://yespress.io/bitfury
Published by YesPress — https://yespress.io
Last updated: 2026-08-05