BitFury Announces 28nm Bitcoin Mining ASIC Chip

| Updated
by Polina Chernykh · 3 min read
BitFury Announces 28nm Bitcoin Mining ASIC Chip
Photo: Egor Pavlovich/Coinspeaker

Bitcoin hardware company BitFury has produced its new 28nm ASIC chip for bitcoin mining.

BitFury, the world’s leading bitcoin hardware provider, has finished the development of new 28nm bitcoin ASIC miner chip.

The manufacturing of 28nm mining chip began in the autumn last year, when the company received $20 million from such investors as Bob Dykes, venture capitalist Bill Tai, BitFury board member, Google Maps co-founder Lars Rasmussen and the Georgian Co-Investment Fund.

In May 2014, BitFury completed its first funding round for the project, which brought the company additional $20 million. Thus, after the closure of two investments rounds, the company had $40 million at its disposal.

While developing the next generation chip, the company could achieve lower energy consumption, which amounted to 0.2 joules per gigahash.

According to BitFury, the newly manufactured 28nm bitcoin mining ASIC chip is the most technologically improved one today. However, the firm has already commenced works on the development of new 16 nm chip.

Vavilov considers there are almost endless opportunities for companies engaged in the bitcoin industry. He expects that in the upcoming years transaction processors will be applied in phones and other electronic devices. Moreover, Vavilov admits the potential of blockchain technology, which can contribute to further development of the industry.

Opened in 2011 in San-Francisco, BitFury became a leading provider of semiconductors, datacenter and servers solutions for the digital currency industry. It has presence all over the world, including datacenters in Iceland, Finland and Georgia, along with offices in the Netherlands, Latvia and the U.S.

In the beginning of February, BitFury, together with other companies, such as Bitcoin Foundation, Tally Capital and BitGo signed a deal with an advertising agency TheAudience to start an educational campaign on bitcoin.

The company is expected to improve the reputation of digital currency by emphasizing the advantages of cryptocurrency and make people forget about the negative issues.

“We need to highlight the opportunity of bitcoin, we need to educate people on what it is,” said the company’s CEO Oliver Luckett.

TheAudience helps bitcoin companies to create a positive public image by highlighting their positive aspects, such as free remittance payments and advanced security features.

The agency also plans partnerships with social-media stars, who are supposed to promote the virtual currency via their Instagram accounts or channels on YouTube. Most of these social-media stars have hundreds of thousands of followers, while some of them even surpassed a million mark.

“They can push a button and 8 million people will sit down to watch their content,” Luckett told the Wall Street Journal.

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