Bitfury more than 100 BlockBoxes were sold in just 18 months


The startup Bitfury Group Ltd.’s in Amsterdam after Nebesny designed an energy-saving chip in a Kiev kitchen has sold more than 100 BlockBoxes in the last year and a half.

Bitfury BlockBoxes are shipping containers measuring 500 sq ft (45 sq m) and adapted to hold 100,000 cryptocurrency mining chips. They sell for $1 million each (or rent for $70,000 per month).

In just 500 square feet, each BlockBox AC has the capabilities of a full-size bitcoin mining datacenter, making this the newest tool for mining bitcoin on a large scale. The BlockBox AC allows users the potential to begin mining within hours. The efficient design and low operating cost of the BlockBox AC makes bitcoin mining more productive and affordable.

The units, which extract about 15 tokens a month on average, have helped Bitfury quintuple revenue for its latest 12-month period to $450 million in cash and cryptocurrency, a result Vavilov says he expects to at least double this year regardless of Bitcoin’s volatility.

“We realized our data centers needed to be mobile, to be both somewhere and anywhere,” Vavilov said in an interview in the capital of Ukraine, one of 16 countries where his 500 employees are based.

One BlockBox holds a hundred thousand chips and Bitfury peddles millions more a year to third parties for as little as $5 apiece. Vavilov estimates that the chips he manufactures in Taiwan account for about 15 percent of all Bitcoins generated, with a quarter of those coming from the company’s own hubs in Iceland, Norway, Canada and Georgia.

Vavilov’s enthusiasm—and a business model that combines mining, hardware sales and blockchain applications—has won over investors including Silicon Valley legend Bill Tai, Google Maps co-founder Lars Rasmussen and Moscow-based iTech Capital’s Gleb Davidyuk.

image by Bitfury