Bitfury, maker of hardware and software for Blockchain mining and management, has announced a strategic investment in Emercoin. The investment is in tandem with First Block Capital, the Canadian crypto investment firm.
The Emercoin platform combines proof-of-work (PoW), proof-of-stake (PoS) and Merged Mining into a hybrid model that Bitfury believes will produce more robust flexibility than other Blockchain systems. According to Valery Vavilov, CEO of the Bitfury Group:
“Bitfury is a big fan of Emercoin technology, which offers great potential for proof of work and proof of stake mining. In the coming months, we will develop creative ways to use this new technology, which provides both flexibility and security, to launch new pilot projects that solve complex problems for governments, companies, institutions and individuals around the world.”
Part of the investment deal includes the creation of a new advisory board for Emercoin, which includes KiteVC investor Bill Tai, a member of Bitfury’s board of directors, and George Kikvadze, executive vice chairman of Bitfury.
Bitfury’s hardware offerings include a 16nm ASIC chip designed for more energy efficient mining operations. The chip offers 100GH/s hash speed, making it one of the fastest, while still using only 0.1J/GH of power.
The demand for Bitfury products has resulted in the company being completely sold out. Miners interested in the hardware can complete a form online to be able to purchase the hardware when it becomes available.
The Emercoin platform offers a number of features that the Bitfury team believes will increase adoption. These include anti-counterfeiting and domain name services, as well as decentralized advertising and digital time stamp and ownership features.
Emercoin has seen a substantial increase in volume, as interest in the platform has continued to grow. Currently ranked 118th among cryptocurrencies with a market cap of $262 bln, the coin has increased in price from $1.35 on Dec. 18 to highs over $7.88 on Jan. 11.
At press time, the price had retreated from the highs to $6.44.