Bitfury Bitcoin Mining Firm Plans to Go Public with Billion Pound Value

Bitfury Bitcoin Mining Firm Plans to Go Public with Billion Pound Value

Tolu Ajiboye By Tolu Ajiboye Updated 3 min read
Bitfury Bitcoin Mining Firm Plans to Go Public with Billion Pound Value
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Headquartered in the Netherlands but legally based in the UK, Bitfury is reportedly considering listing in either London or Amsterdam.

Bitfury, a leading Bitcoin mining company, plans to go public in the largest crypto valuation in Europe, according to The Telegraph. The security and infrastructure Bitcoin blockchain provider is seeking advice from Deloitte over a potential public listing within the next 12 months. The aforementioned Telegraph report describes the proposed initiative as having a “price tag in the billions of pounds.”

Bitfury, founded in 2011, currently has a valuation of around $1 billion, with investors such as Mike Novogratz’s Galaxy Digital. The company would be seeking a much higher valuation in any float going forward. Also, in 2019, Bitfury’s total revenue was $145 million.

An initial public offering (IPO) for Bitfury stock stands to be the biggest-ever listing for a European crypto company. Moreover, this follows the stock market debut of the US exchange platform Coinbase. Coinbase currently has a valuation of over $50 billion.

In March, Bitfury merged with a special purpose acquisition company, Good Works Acquisition, to create a US mining operations business. The collaborative unit, dubbed Cipher Miner, has an enterprise value of $2 billion, and is currently listed on NASDAQ. In addition, Bitfury serves as a minority shareholder.

Bitfury Mulls the Idea of Listing in London or Amsterdam

Headquartered in the Netherlands but legally based in the UK, Bitfury is reportedly considering listing in either London or Amsterdam. As it stands, Argo Blockchain is the only crypto miner that is publicly-listed in the UK. The company currently lists on the London Stock Exchange and its shares are up more than 2000% YoY. This is a result of the rush from investors to find listed crypto companies.

Bitfury uses crypto mining hardware for crunching the sums needed to mint new BTC. In addition, Bitfury currently has crypto mining operations strategically scattered across the globe. They include Canada, Norway, Iceland, and Central Asia. Furthermore, in addition to its core services, Bitfury also supplies mini data centers, set up in shipping containers. Customers can choose to deploy these to mine digital coins.

The Bitcoin digital network requires token mining to run, and also keep it secure. The protocol requires vast computing resources, and those who contribute power through the mining process, get to net some coins.

According to some estimates, this mining process uses up to about 91 terawatt-hours per year. Put in perspective, that is more than what the country of Finland uses in the same period. As a result of this, Bitcoin mining is highly controversial, especially when there are calls for renewable energy.

As of press time, BTC is changing hands at around $56,000 after riding a five-month high. Furthermore, general consensus stipulates that the digital asset is well on course to reach the $60,000 mark. Overall, BTC now has a 350% increase YoY. Furthermore, the popular crypto appears to be the only one in blazing form as the altcoins are struggling to make significant gains.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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