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The top official of leading Bitcoin mining company Bitfury said in an interview that Bitfury is currently valued at more than $1 billion and has launched an artificial intelligence (AI) department.

The AI unit will operate alongside Bitfury’s existing blockchain services and remain part of the company. Bitfury is one of the few blockchain companies in the world valued at at least $1 billion. The list includes U.S. exchange Coinbase and China’s largest producer of Bitcoin mining equipment, Bitmain.

Bitfury CEO and Co-Founder Valery
Vavilov said the need to analyze and extract value from large amounts of existing data has driven the company into artificial intelligence, a branch of computer science that emphasizes creating intelligent machines and behaving like humans.

"Data is becoming the next oil," Vavilov said.

“We collect a lot of data but only analyze 2% of all that data; 98% of the data sits idle waiting to be analyzed.”

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

"We also need to trust the data, and that's where blockchain comes in,"

As the backing virtual currency Bitcoin BTC =
BTSP's software, Blockchain is a digital transaction ledger. The technology, which is being developed in both the public and private sectors, is gaining global attention for its ability to permanently record and track assets or transactions across all industries.

Artificial intelligence is one of the tech areas that has attracted significant funding so far this year. According to research firm CB
According to Insights data, investment in artificial intelligence startups reached a record $7.4 billion in the second quarter of 2019, with most of it invested in transportation and healthcare-related companies.

Vavilov said Bitfury’s AI team is still in “research mode.” He will get a clearer picture of the range of AI products the company intends to offer by the end of the year or early 2020.

Bitfury also said it appointed technology expert Fabrizio Del Maffeo to lead its AI department. Del
Maffeo is vice president and managing director of AAEON Technology Europe, an artificial intelligence and IoT computing company owned by Taiwan's Asus Group.

BitFury Group
Founded in Russia in 2011, it has management offices in San Francisco and Amsterdam and data centers in Iceland and the Republic of Georgia. In the early days, it was an ASIC Bitcoin mining machine chip research and development team, and now it has transformed into blockchain basic data services and transaction processing services. BitFury's management team and board of directors are comprised of experienced industry veterans with management experience in semiconductor engineering, corporate development and corporate investments.