Bitcoin mining company Bitfury announced the launch of a $1 billion investment plan, focusing on ethical technology and AI innovation

According to Fortune magazine, Bitcoin mining company Bitfury has announced a $1 billion investment plan aimed at supporting "mission-driven" entrepreneurs, focusing on innovations in ethical technology and artificial intelligence.

The company plans to invest $200 million in the next year, with the remaining funds to be spent over the next few years. Bitfury intends to invest in areas such as AI, quantum computing, transparent decentralized systems, and self-sovereign identity that allows individuals to have complete control over their own data.

Bitfury co-founder and CEO Val Vavilov stated that the company's strategic shift is based on the significant synergies emerging between AI and decentralized systems, believing that the future will be a model that combines both.

Bitfury primarily profits through its Bitcoin mining operations and has previously spun off two publicly traded companies on NASDAQ: Cipher Mining (with a market cap of about $5.5 billion) and Hut 8 (with a market cap of about $4 billion). Bitfury has also co-founded AI infrastructure companies LiquidStack (data center cooling) and Axelera AI (AI hardware and software design).