Crypto Mining Company Bitfury To Use Artificial Intelligence To Mine Big Data
Cryptocurrency mining company Bitfury is set to start using new technology. According to the latest report of the company, an artificial intelligence (AI) division is set to be created. This new team will mine big data in order to discover value from it.
The CEO of the company, Valery Vavilov, has said that big data could easily be considered the “next oil” and that most of the data in the world are just still waiting to be analyzed in order. He believes that around 98% of the big data in the world is not being properly used, so this can be a huge financial deal for the first companies to explore it.
Fabrizio Del Maffeo is set to be the new leader of the recently created AI division. He has a long career in the area, having worked on AAEON Technology Europe and in the ASUS Group before.
He affirmed that Bitfury will use the blockchain technology in order to make the data “trustworthy”, so not only AI will be used. Vavilov also said that the system is currently on research mode only and that it may still be a while before the company is able to properly start digging on big data. According to him, the expectation is to start the project for real at the beginning of 2020.
After that, the company is expected to have more applications for the technology and create new products for the clients that will use big data to help them.
At the moment, Bitfury was able to get $170 million USD in funding this year and it is valued in over a billion dollars.