Bitcoin company made by Rigans valued at $400m

Bitcoin blockchain technology company BitFury, founded by several Riga residents in 2011, is currently worth approximately $400 million, the company's chief information officer Aleksejs Petrovs said in an interview with LETA.

BitFury has offices in San Francisco, Washington, Hong Kong, London, and Amsterdam, and has its data centers in Iceland and Georgia.

BitFury is considered the largest bitcoin company outside China. The company's market share is currently about 10%, said Petrovs. BitFury's market share has been changing significantly, which is normal for the volatile market. At some times, the company's market share has been over 45%, Petrovs explained.

At the moment, the company's worth is estimated at $400 million. But BitFury is doing far more than just bitcoin transactions, it is a multi-functional group of companies that has developed and makes its own microchip for bitcoin transactions, develops software, builds data centers.

"Any other data center is built in three to four years. We build ours in two to three months," said Petrovs. "Designing a processor takes two years, while we develop our chips in four to five months. People are working hard, this is a far more aggressive market," he added. 

Most recently, the Hut 8 mining company announced on December 4 that it is partnering with Bitfury to acquire, install, maintain and operate North America’s largest bitcoin mining datacenters.

The Crunchbase company database says BitFury has received more than $90m in investor funding in several seeds since its founding. 

If the company's claims about its own worth are correct, it is worth close to 1.3% of Latvia's 2016 gross domestic product.

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