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About BitFury
BitFury is a bitcoin mining hardware and data centre company founded in 2011 that began with custom ASICs, the Tardis rack miner and the BlockBox container farm, and operates hydro-powered and immersion-cooled capacity in Iceland, Georgia and Norway. Its engineering base sits in chip design, immersion cooling and high-density rack deployment; the cooling business was later spun out as LiquidStack, with customers extending from mining sites to AI training clusters and high-performance computing.
The centre of gravity has moved from proprietary mining to incubation and investment, through a billion-dollar initiative spanning Web3, artificial intelligence, quantum computing and sustainable computing, after earlier taking miners such as Cipher Mining and Hut 8 to US public markets. Its position in the chain is closer to equipment and infrastructure supplier plus early shareholder: mining sites buy rigs and cooling on power-price and difficulty cycles, portfolio companies draw on engineering and listing experience, and the hardware and cooling lines now reach AI data centre customers as well.
Bitfury evolved from Bitcoin mining into a blockchain infrastructure leader. It launched a $1 billion investment program targeting AI, quantum computing and ethical technology, marking a strategic pivot toward long-term technological diversification.
The company also committed $12 million to Gonka AI, a decentralized AI computing network, reinforcing its position at the intersection of blockchain and advanced computing.
Former Bitfury executive Jonathan Gould’s confirmation as OCC Director further extends the firm’s regulatory influence.
In 2026 Bitfury said it was exiting Bitcoin mining and would invest through a $1 billion fund in artificial intelligence, quantum computing, decentralised systems and self-sovereign identity, using proceeds from its mining years. Executive vice chairman George Kikvadze said capital would go to teams combining profit with social value, and no new mining sites would be funded.
The pivot did not start from zero: BitFury's immersion cooling business LiquidStack already runs independently for AI data centres, Dutch chip company Axelera AI was co-founded by BitFury, and Cipher Mining and Hut 8 were previously taken to Nasdaq. The stated backdrop is mining difficulty up 52% in a year and Bitcoin falling from $126,000 to below $90,000, which compressed margins on self-mining. BitFury began mining in 2011, took Cipher Mining and Hut 8 to Nasdaq, and still holds equity in both.
BitFury holds long positions at the intersection of AI and crypto through the fund, focuses on self-sovereign identity and privacy-preserving compute, keeps stakes in the spun-out companies, and stops operating mines directly.
Val Vavilov — Co-founder, CEO & Chairman; co-founded BitFury in 2011 with Valery Nebesny, leading bitcoin mining and blockchain infrastructure.
Valery Nebesny — Co-founder; involved in early technical architecture.
George Kikvadze — Executive Vice Chairman; global strategy and business development.
Vadim Krutov — Group COO; oversees operations.
Chandra S.
Katta — CTO; leads technology.