On 13th August 13, 2019, the startup company Bitfury announced the launch of its artificial intelligence (AI) unit, in an interview with Reuters. Headquartered in Amsterdam, <a href="https://bitfury.com/">Bitfury</a> is a pioneering security and infrastructure supplier for the bitcoin blockchain. Investors like Galaxy Digital, Macquarie Capital, Armat Group, raised $80 million in 2018, bringing the company’s valuation to $ 1 billion. The company recently joined the Hyperledger blockchain project becoming its newest member.

<h2>AI Unit Follows the Launch of Bitfury surround</h2>
The AI unit launch follows the propagation of the company’s new music entertainment division at the start of this year, known as <a href="https://www.cryptoknowmics.com/crypto/blockchains-bitfury-uses-ai-for-massive-data-mining/">Bitfury</a> Surround. The AI unit will be part and parcel of the company and will operate with the company’s blockchain services.

Bitfury is one of the many blockchain companies around the globe with at least a $ 1 billion valuation. Others in the industry include <a href="https://www.coinbase.com/">Coinbase</a>, a U.S based exchange platform, and China’s <a href="https://www.bitmain.com/">Bitmain</a>, the most prominent cryptocurrency mining firm internationally.
<h2>Why Artificial Intelligence?</h2>
Chief Executive Officer and co-founder of Bitfury, <a href="https://www.linkedin.com/in/valeryvavilov/">Valery Vavilov</a>, said that the need to analyze and select the value from thousands of accessible data led the company into Artificial Intelligence. AI is the branch of computer science that draws attention to the creation of machines that behave and act like humans.

Vavilov has said that “Data is becoming the next oil.” He added, “We have collected so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed.”

Artificial intelligence is the only way to go about this and to analyze the data efficiently he has reiterated.

Vavilov has said that the need for transparency to trust the data gave rise to the need for blockchain technology.
<h2>Sector Attracts Sufficient Support</h2>
Artificial intelligence is one tech sector that has attracted much funding this year. CB Insights, a research firm, deduced that in the second quarter of 2019, a record of $ 7.4 billion was invested in AI startups. The majority of these investments went to health-care and transportation-related companies.

Bitfury’s AI unit is in its "research mode," according to Vavilov. The CEO goes ahead to say that he would have a clear understanding of the range of AI products the company intends to offer by the end of the year or at the start of the year 2020.

Technology expert <a href="https://www.linkedin.com/in/delmaffeo/?originalSubdomain=nl">Fabrizio Del Maffeo</a> has been appointed to head the AI division, Bitfury has said. Previously Del Maffeo was the managing director and vice president of AAEON Technology Europe. This is the AI Company within Taiwan’s ASUS Group. Maffeo has said that he believes in the company’s success and looks forward to launching useful products in the AI scale.

European Blockchain Unicorn, Bitfury, launches its Artificial Intelligence Division

Am Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

European Blockchain Unicorn, Bitfury, launches its Artificial Intelligence Division

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