Bitfury Group is well known for its crypto mining. Now, it’s turning its direction towards AI and big data for its future growth. The firm has recently launched a new artificial intelligence firm to help it break down the vast amounts of big data that pours into the company. The idea is to derive value from the data.
According to co-founder and CEO of Bitfury Valery Vavilov, data is “the next oil” where roughly 98 percent of the data is just sitting in stores waiting to be mined. And what better mode than AI to scan through the data?
While speaking of the new AI division of his firm, the CEO also said that security is another important factor with data. He said that the analysis of the firm’s data would be effectively utilizing blockchain. “We also need to trust that data so that’s where blockchain comes in,” Vavilov said.
Bitfury also offers a wide range of blockchain services as well. For its computer and crypto mining hardware, the company also has many data centers. Soon, Bitfury will be holding its IPO in a stock exchange in either Hong Kong, Amsterdam or London. Vavilov also said in the interview that to “help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications.”