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Bitfury Strengthens its Focus on Software Development

Crypto business

Mining

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Eimantas Žemaitis

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Eimantas Žemaitis

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Eimantas is a copywriter, Bitcoin and crypto journalist, and a life-long media student with a strong drive to explore the intersection between all forms of media, money, marketing, education, and the...

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Last updated:

June 25, 2023

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While the cryptocurrency mining-related business generates huge profit, full-service blockchain technology group, Bitfury, aims to expand their software product portfolio, Alex Petrov, the Chief Information Officer of the company, said.

Speaking with Cryptonews.com during the Baltic HoneyBadger 2019 Bitcoin conference in Riga, Petrov discussed the company’s plans, explaining that the core of the company includes the mining operations and the mining equipment design, which generate a lot of profit, though he didn’t say how much.

Nonetheless, Bitfury is primarily going to continue expanding their software products, “creating new directions for development,” as these too are expected to “generate a very sensible part,” starting this year, Petrov said. “Right now we already have three products finished,” the CIO said, “and some of them exist as separate companies.”

One of the products is the Crystal analytics platform, a blockchain investigative tool for law enforcement and financial institutions. Another is the Exonum platform – an open-source, enterprise-grade blockchain framework for businesses and governments – via which Bitfury created the world’s first blockchain land-registry system in Georgia. Also, Ukrainian system of electronic trading for auctioning of state-owned property has been moved to the Exonum blockchain.

Meanwhile, the company has also announced their Artificial Intelligence Division – “an artificially intelligent neural network” – in August. The AI division operates together with Bitfury’s blockchain services.

Additionally, Bitfury plans a geographical expansion, as new, still undisclosed deals, will be “coming soon.”

Watch the interview below: