Source: Live Bitcoin News, originally published on .
A lot of people hope to strike it rich with mining Bitcoin. The possibility is certainly there, albeit it may take a while to come to fruition. For Valery Nebesny and Valery Vavilov, things are certainly going according to plan. Their vision is making BitFury Group a lot of money in the process.
The Success of Nebesny and Vavilov
Both Valery Vavilov and Valery Nebesny showed an early interest in blockchain technology. Both individuals own more than half of BitFury Group Ltd. these days. This company has made a name for itself in the world of Bitcoin mining, and more recently, blockchain analysis. To date, the company is still one of the bigger Bitcoin transaction validators in the world.
That success, as is usually the case, started out with a clear vision. That idea currently takes the form of a BlockBox, a unit which can effectively mine Bitcoin at an accelerated pace. Through these units, BitFury successfully quintupled its revenue in the past 12 months.
Unlike traditional data centers, BitFury prefers a mobile concept. As such, they can be both everywhere and nowhere at the same time. It offers an unprecedented room for growth and profits. Every single BlockBox unit generates close to 15 bitcoins per month.
Building these BlockBoxes would never have been possible without Nebesny and Vavilov. It was Nebesny, a self-taught microchip engineer, who came up with the design of an energy saving chip in his own kitchen. Vavilov is the tech evangelist who started BitFury in Amsterdam, which has now grown to over 500 employees scattered across 16 countries.
BitFury Group Continues to Evolve
This particular unit solves a few key challenges associated with Bitcoin mining. Finding cheap electricity is difficult when one is tied to a specific location. Moreover, governments are actively regulating Bitcoin and other cryptocurrencies This process can have negative consequences for Bitcoin mining firms such as BitFury Group.
Every BlockBox houses 100,000 BitFury chips. These are the same chips being sold to third parties for around $5 each. The chips being produced account for 15% of all Bitcoins generated, albeit not all of them are mined by the company itself. It is quite interesting how such microchips can effectively make companies billions of dollars over the course of several years.
Additionally, it appears BitFury Group is working on new chips. Surprisingly, it seems Vavilov wants to begin mining both Ethereum and Ripple’s XRP as well. An interesting choice, albeit one that also makes a lot of sense. Both of these currencies make up an important part of the cryptocurrency ecosystem as a whole.
What do you think about the BlockBox from BitFury? Let us know in the comments below.
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