The Bitfury Group, a blockchain unicorn, has announced that it is setting up an artificial intelligence division to analyze data collected by it over the years.
The prospect was revealed by Valery Vavilov, co-founder and chief executive of the company, in an interview with Reuters.
According to Vavilov, “data is becoming the new oil,” and it is time to utilize the mountains of data collected by the blockchain company that is not being used.
“We have collected so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed,” he added.
A blockchain mammoth trying to dominate the industry
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.
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Last year, the company raised $80 million in a private funding round which put the firm on par with giants like Coinbase and Bitmain. According to media reports, Bitfury is also planning to go public behind the curtains and is evaluating markets like Amsterdam, London, and Hong Kong.
“Just as blockchain technology enables us all to fix our most broken and distrusted systems, artificial intelligence will bring new and extraordinary benefits to nearly every facet of our lives,” Vavilov added.
Although the firm’s exact plan for its AI unit is still not known, the CEO said that the newly formed division is still in “research mode.” The company also hired technology expert Fabrizio Del Maffeo, former vice president and managing director of AAEON Technology Europe, to lead its AI division.
“To help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications,” the CEO added.
Earlier this year, Bitfury partnered with Swiss investment firm Final Frontier to launch a regulated Bitcoin mining fund.