Bitfury Group Launches Artificial Intelligence Division

Bitfury Group Launches Artificial Intelligence Division

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Bitfury Group Launches Artificial Intelligence Division

European blockchain company Bitfury Group, valued at more than $ 1 billion, opens an artificial intelligence division.

The division will work alongside Bitfury’s existing blockchain services and be part of the company. Bitfury remains one of the few blockchain companies, assessed in a billion dollars. This list also includes Coinbase, the American stock exchange and China’s Bitmain, the world’s largest developer of cryptocurrency mining hardware..

According to Valery Vavilov, CEO and co-founder of Bitfury, the need to analyze and extract value from the ton of available data has prompted the company to turn its attention to the field of artificial intelligence..

«Data becomes the next oil, Vavilov said. – We have collected a lot of information, but analyzed only 2%. 98% not processed yet».

He believes that the best and most efficient way to analyze data is artificial intelligence..

Artificial intelligence has attracted a significant amount of investment this year. AI startups invested $ 7.4 billion in Q2, according to research firm CB Insights.

Bitfury Group Launches Artificial Intelligence Division

Most of them are related to transport and health.

Vavilov said that AI Bitfury group is still in “research regime”. Clarity on the company’s range of products should come by the end of 2019 or early 2020.

Bitfury also announced the appointment of technology expert Fabrizio Del Maffeo as head of AI. Del Maffeo was Vice President and Managing Director of Aaeon Technology Europe, AI and Internet of Things Computing Company in Taiwan’s ASUS Group.