Bitcoin is just a small business? Bitfury earns nearly $ 100 million a year

nnnThe Bitfury Group mainly benefited from the transaction costs, mining incentives, third-party infrastructure solutions, b2b services, and its benefit even more than some mainstream companies, let alone the field of mining companies. And its gains are obvious, the future the company will continue to grow along with the entire industry, fully proved that the value of the company’s value-added enterprises.n
nnTranslation: Annie_Xun
nInvestment documents prove that Bitfury Group earnings can match the mainstream companies, breaking the block chain industry start-up companies do not make money wrong knowledge.n
nThe document shows that established in 2011, capital-backed start-up companies, started in the mining, and gradually extended to other software services, 2017 fiscal year to create a profit of 93.7 million US dollars. An increase of 70%.n
nProfit before interest, tax, depreciation and amortization (EBITDA) is $ 24.7 million at 26% profit margins.n
nThe company is headquartered in Amsterdam, the Netherlands, offices in San Francisco, Washington, Latvia Riga, and Hong Kong, has raised more than $ 100 million in venture capital, more than about $ 10 million previously understood.n
nThese figures are comparable to venture capital support for venture capital firms, and Bitfury Group is a well-known enterprise in the mainstream industry.n
nThe recent Inc 500 survey showed that last year the small business lender start-up company Kabbage earns slightly more than the Bitfury Group, which is $ 97.4 million, but equity financing reached $ 239 million, much higher. At the beginning of the year, the software company Yext was less than the Bitfury Group, which was $ 89 million and $ 171 million.n
nBitfury Group earnings in addition to bit currency transaction fees, as well as agreement block total of 500,000 bit currency. According to the current price of $ 2,600 conversion, is 13 billion US dollars mining income, although the evidence shows that these bits have been sold part of the currency.n
nIn order to understand the difference between Bitfury Group’s mining and the entire mining network, the company listed the market share of March 9, 2016 and the share of 115 a year ago. At that time the largest market share of the mining company is Bitmain, accounting for 19%, F2Pool accounted for 12%.n
nFortune-telling n
nThe material to raise more funds includes a large number of forecasts for the company and the industry as a whole.n
nBitfury Group predicts that by 2021 the revenue will reach $ 585 million.n
nOf this amount, $ 302 million (52%) comes from transaction costs ($ 163 million), mining incentives ($ 139 million), and $ 217 million (37%) from third-party infrastructure solutions such as the company’s Blockbox mining , $ 66 million (11%) from b2b services, such as the just-announced Exonum enterprise-class chain.n
nBut its bitter currency transaction fee market seems to be the most attractive business of BitFury Group.n
nIt is expected that this “great opportunity” will be in the next mining incentives “halved” after the $ 37 billion transaction fee.n
nDo not say “mining”n
nAt least 2014, Bitfury Group co-founder Valery Vavilov worked hard to change the company’s idea of ​​”mining” the company.n
nIn an interview with CoinDesk, Vavilov made the statement, saying it was more willing to focus on “the field of knowledge that needed a lot of computing power.”n
nAbout three years later, investors seem to think that the transition is successful.n
nVfitov said that since the 2014 interview, Bitfury Group employees increased from 70 to 250, he also mentioned the company to help the global block chain of the Council (Global Blockchain Business Council), block chain trust accelerator (Blockchain Trust Accelerator) and block chain The Summit (Blockchain Summit) has proved the breadth of its mandate.n
nn”This is the early part of the block chain, and we believe that the future of Bitcoin and the entire block chain ecosystem is bright.”n
nnFor this Bitfury Group will be a lot of bit coin mining introduced to the new site, so Bitfury Group domain name more corporate image. Investors support a broader range of tasks, depicting a more “holistic business strategy” than mining alone.n
nAlthough the mining chip is still a large part of the future strategy (and revenue), the document also describes the “complete product portfolio vision” around the Exonum enterprise-class block chain and other unpublished project software licenses.n
nThe report concludes that “Bitfury is the only enterprise-class private chain solution provider that has access to the inherent security and transparency of public chains, and its competitors are developing horizontal projects that focus primarily on financial services.”n

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