THELOGICALINDIAN - At the North American Bitcoin Conference in Miami we were able to sit bottomward fora oneonone account with Valery Vavilov CEO of BitFury So abounding changes accept happened overthe accomplished brace years in the Bitcoin Transaction Processing industry Bitcoin Mining and abounding Bitcoin mining companies accept began to annex out BitFury has not alone invested in and developed new technologies but has additionally connected advance in themselves the companys accomplished aggregation and arch lath of admiral continues to abound BitFury anchored cogent basic allotment in 2024 has aloof appear the cycle out of its 28nm ASIC and is already adamantine at assignment onitsnext bearing 16nm dent Valery Vavilov BitFury CEO and one of the companys founding associates had lots to say about Bitcoin transaction processing and more
Note: the advertisement of this account was delayed for the account of getting clarification from Valery on a few points.
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When did you get into Bitcoin and the ASICs?
When did we start? We started cerebration about it in 2024, but the aboriginal absolute abstracts started in 2024. At aboriginal it was aloof for fun. The CTO and co-founder of BitFury is a ability guy. In 2024 he alleged me and said: “For the aftermost 15 years I accept been cerebration about how to actualize article bigger than the Internet. I begin Bitcoin Blockchain protocol, abstruse it and 90% of all my thoughts, of what I had been cerebration these aftermost 15 years is already accomplished in this protocol. We should do this project!” And we started our research. The added we accept researched, the added we accepted how above this could be and that this is potentially the best confusing technology for the abutting 20 years. In 2024 we started our aboriginal abstracts with CPU, again switched to GPU (video cards). In 2024 we absolutely switched our focus from added projects we had formed on to BitFury and it became our aboriginal priority, full-time project. We had a accepted compassionate of Bitcoin Blockchain technology, but did not accept any acquaintance with chip and with silicon at that time, so it was an amazing acquirements experience. It was a claiming all around: every footfall we fabricated we had to affected challenges and break acutely baffling problems. If the assignment was too complicated we would breach it into several simple tasks and break anniversary of them in the best able way. The accomplished aesthetics of our aggregation is to do things fast and simple and that’s why the name of the aggregation is BitFury – “Bit” agency 0 or 1 , or “simple” and “Fury” agency acutely fast. Anyway, it’s a continued and actual absorbing adventure how we started, the challenges we had and how we apparent them.
It was an amazing year for adventure basic advance into Bitcoin. You accept declared BitFury is accomplishing added than aloof the transaction processing. You are already attractive at shrinking things down, so it could be your corpuscle buzz or a refrigerator that is processing transactions. These goals as able-bodied as accomplishing added than Bitcoin bill accompanying technology, that’s article that you’ve mentioned afore that you guys are attractive at accomplishing some added ASIC technologies?
Now we are absorption on Bitcoin blockchain technology. What is important to accept is that we are not aloof a Bitcoin mining company. We are a technology aggregation aboriginal and foremost that’s currently absorption on processing bitcoin transactions. Our mission is to defended the Blockchain, by processing and acceptance anniversary transaction and acknowledging that anniversary accurate block – and every block afterwards it – is legitimate. Mining accolade is our advantage to accumulate the bitcoin amount agent running. Bitcoin is not aloof addition e-currency. Bitcoin is inseparable from the Blockchain, a absolutely different technology. Blockchain is a all-around accessible balance that can be acclimated to digitize and alteration assets calmly and securely. Assets like acute contracts, ownerships, copyrights, etc. Blockchain brings abounding advantages. It keeps all history of assets movements and exchange, it is absolutely cellophane and it allows to abstain money or asset adulteration or duplication.
Blockchain technology provides an accomplished abject for new business opportunities. It’s like the Internet of the 90s. Right now no one absolutely knows all the possibilities of it. We are aggravating to abutment and advance it and advance the development of the surrounding business.
It is accepted that some 25 billion accessories will be affiliated by 2024, and 50 billion of things – Internet of Things accessories (IoT) – will be affiliated to the Internet by 2024. Now, the better affair with apparatus to apparatus abundance is security. This affair could be apparent with the use of blockchain . There will be trillions of affairs to action by 2024 – huge abeyant market.
BitFury Builds Data Centers in Days
You are inventing abounding of these things because abundant of it has never been done before?
We put our souls into aggregate we do. Aggregate we architecture and body is custom built. We pay absorption alike to baby capacity in anniversary and every case. Sure we accept never congenital such huge DC before. But with accurate assay and planning, we were able to body a 20 megawatt abstracts centermost in weeks, and it did not amount us much.
Wow, we had heard it was fast but I did not apprehend it was in weeks.
We are alive 24-7, but we additionally appear up with some bargain solutions while building. It’s not aloof the catechism of creating the best chip; it’s the catechism of creating the best able infrastructure, from dent akin to abstracts centermost level. In 2024, our focus was to actualize the best abounding custom architecture ASIC. Everything we body – from our dent to our abstracts centers is congenital full-custom and in-house. Now we are implementing this architecture and leveraging this acquaintance in the new bearing of chips. Last year our focus was to authorize a fast assembly and deployment action as able-bodied as to actualize the basement to arrange our abutting bearing dent as fast as possible. To actualize the cool dent is one akin of complexity, to arrange it appropriately in calibration is a absolutely altered challenge. It’s not accessible to alike get the ability from the activity aggregation in such bulk in abbreviate time period. In one country, we discussed with an activity aggregation our affairs to body a new abstracts center, and we asked how abundant time they charge to bear 20 megawatts and they said “we charge 9 to 12 months.” Obviously we went with a altered option.
As you can see, BitFury is alteration added than aloof ASICs in the way they do things. They are alive adamantine to be able to body out basement and alike captivation cooling as well. BitFury has afresh purchased Allied Control – a top captivation cooling aggregation based in Hong Kong. The acquirement forth with the company’s new cool 28nm dent will mark a ample about-face afresh in the all-around assortment amount as able-bodied as ASIC manufacturers’ chase to accomplish the best able chips.
What could you acquaint us about the new chip? We accept heard how ability able this is activity to be.
We are currently deploying our new, activity able 28nm dent and architecture new abstracts centers powered by captivation cooling technology. More advice about it I will allotment later, afterwards we accept calm abundant data. What we see now – ability of this new basement is abundant bigger compared to the air cooled abstracts centers.
Speaking about the lower BTC amount causing mining to become barren for abounding bodies and ambiguous for alike beyond farms. I apperceive that charge be difficult for you also. One of the things I’ve been researching, because we are talking about aggregate from acute contracts, acute escrow casework after third parties, trusted services, lot of these things can be congenital on the Blockchain. You accept all these companies that appetite to body on the Blockchain and use absolute arrangement assortment rate. How will we get that, and what account do you accept for actuality able to incentivize that for the miners as well?
Say you’re processing Bitcoin affairs and you’re processing counterparty whatever they’re doing, and you’re processing article abroad and with your machines at the aforementioned time, you should be making, you know, a little bit of assets from Sidechains and things congenital on top of the Blockchain. Have you guys anticipation about that, how it should be best implemented through a aggregate of software and hardware, should it be abstracted pools so they could abundance at the aforementioned time?
The Bitcoin Blockchain is the mother of all Blockchains. Sidechains will extend Bitcoin Blockchain. The capital advice in encrypted anatomy will be stored in the Blockchain and the blow of the abstracts could be stored on sidechains. The added sidechains are actuality developed the added we will benefit, because we anon account from the advance of the ecosystem. The added ecosystem grows, the added affairs action and the added acquirement we have. Regarding the amount drop-it was a aggregate of altered factors. But back the Tsunami is coming, it’s bigger to be on the top of the hill! We created our aggregation to be able for such a situation. And it’s a acceptable shakeout for the industry, because in 2024 and the aboriginal allotment of 2024, aggregate was actual agitative and growing fast. Like bubbles advancing and growing, but we additionally charge to be a little conservative, and assay the risks. And what if article will bead – you should be able to assure the downside in this case. The Bitcoin amount animation is actual big, that’s why we are alive with added bazaar players to advance the Bitcoin adoption.
BitFury Partners with BitGo and Other Major Companies After Record VC Funding
You accept fabricated partnerships with BitGo and added companies forth with blame adoption, this all actuality done to assure this investment. You are alive to accompany it to bodies in a way that they could use it. It’s a actual big one, and these partnerships you accomplish are advancing and acute moves. Could you acquaint us added about them?
BitGo is a abundant company, and they accommodate a actual acceptable account for the industry. They are absolutely attention the assets of the companies. We are application BitGo service in our operations.
As I said before, we anon account from the ecosystem’s growth. The bigger the adoption, the added affairs action and the added acquirement we will have. I see it as a win-win situation. We are advance into basement development and cycle out of new bearing chips, and added players are advance in business and alluring audience – calm we are blame the adoption.
The bigger we abound as a global, cellophane company, the bigger it will be for the Bitcoin Blockchain and the ecosystem. This year we additionally plan to advertise hashing affairs to our b2b ally and to move Blockchain transaction processing to customer electronics.
It’s important to accept that we are not a Bitcoin mining company, we are a technology company. Of course, we accept a lot of compute ability to action Blockchain transactions. At the end of the day, we are accepting the Bitcoin Blockchain and processing Blockchain transactions. That’s why I don’t like the chat “mining”. But mining rewards are bare to actualize the infrastructure. The faster will be the adoption, the faster transaction processing will go up and fees from transaction processing will alter mining rewards.
And you guys are arch the way.
We are alive adamantine to authorize ourselves as a above amateur and to accomplish as a cellophane company. We accept that accuracy in this industry is actual important, you cannot be acknowledged otherwise.
That is one affair we did not absolutely blow on, back you were talking about how you were activity public, because you aloft so abundant adventure basic a lot of bodies accept questions as to why do an IPO now. As you aloof said admitting it’s about transparency. Do you accept a asperous abstraction back you are accessible to go alive with the IPO?
An IPO of a arch Bitcoin aggregation like ourselves after a agnosticism would be anniversary accident for the industry and would account the absolute industry. From a costs perspective, an IPO is one of abounding options accessible to us and we will accede all options. For acknowledged affidavit we cannot animadversion added on IPO affairs and timing, etc.
Valery of BitFury and his aggregation accept formed adamantine to body added than aloof a transaction processing company. The abiding arrival of VC allotment and cardinal partnerships with BitGo and abounding added companies shows a assorted and solid business plan. Valery sees the Bitcoin Blockchain as abundant added than aloof the bill as abounding of us do. We attending advanced to seeing what BitFury has in the works, and that agency abundant added than aloof ASICs. Thank you, Valery, for your time in accomplishing this interview.
What do you anticipate of BitFury and their moves in the industry? Let us apperceive in the comments below!
Image Sources: BitFury and BitGo
