Blockchain Firm BitFury Launches Artificial Intelligence Division

Blockchain Startup BitFury Launches Artificial Intelligence Unit

Blockchain Startup BitFury Launches Artificial Intelligence Unit

In an interview with Reuters on Tuesday, the firm's co-founder and CEO Valery Vavilov said Bitfury has launched an artificial intelligence (AI) division in order to break down the world's vast amount of data and derive value from it.

Del Maffeo said he joined Bitfury because he believes the company's successes in blockchain and HPC confirms its strong commitment to increasing market access to emerging technologies.

The Amsterdam-headquartered firm is one of the few blockchain companies with a valuation of over $1 billion, offering a blockchain-based infrastructure service including crypto mining hardware solutions and cloud-based mining services. That list includes Coinbase, a US -based exchange, and China's Bitmain, the largest cryptocurrency mining firm in the world.

Calling data "the next oil", Vavilov said that 98 percent of all data is just sitting waiting to be analyzed.

This advertisement has not loaded yet, but your article continues below. "We also need to trust that data so that's where blockchain comes in". "I look forward to leading Bitfury's AI team and to launching products that make it easier, safer and more cost-efficient for businesses to adopt artificial intelligence at scale", he said.

Boy dies following Orihuela Costa pool tragedy
After being given CPR at the scene, emergency services were called and the boy was airlifted to hospital by helicopter. Avery's family are originally from Cork city but now live in the town of Mallow.

Blockchain, a digital ledger of transactions, gained prominence as the software underpinning virtual currency bitcoin.

Artificial intelligence is one of the tech sectors that attracted large funding so far this year.

The Bitfury Group may soon be known as a data miner, as well as a crypto mining firm. The AI unit will be a part of the company and operate alongside the company's existing blockchain services.

The new division will be lead by technology expert Fabrizio Del Maffeo, who previously served as the vice president and managing director of AAEON Technology Europe, an ASUS associate company focused on AI and internet of things (IoT) computing.

According to reports, the unit of artificial intelligence is still exploring the range of products it offers, and more details are expected by the end of this year or early next year.

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