Bitfury sells cooling data center to Chong Sing Holdings

The Bitfury Group, a full-service blockchain technology company today announced it has completed the sale of its state-of-the-art immersion cooling datacenter in the Gldani Free Industrial Zone to Chong Sing Holdings, a leading integrated fintech group with a focus on providing 24 x 7 online financial services.

Valery Vavilov, the chief executive officer of Bitfury said the sale of the 40MW datacenter advances the company’s strategic growth plan in Asia. “This deal strengthens established relationships with our Chinese partners and helps Bitfury continue its successful expansion in the Asian market of both hardware and software solutions,” he said. “Blockchain technology is a cross-generational fintech breakthrough. We have witnessed rapid development in the blockchain industry.”

Chong Sing Holdings sees great potential with the adoption of blockchain technology and we will continue to participate in this space and inject more resources as we see the right opportunity,” said Phang Yew Kiat, the chief executive officer of Chong Sing Holdings.

Bitfury built the Gldani datacenter in 2016, privatizing 18 hectares of land in Tbilisi’s Gldani district to develop the Georgian Technology Park project. Bitfury built a mega-data center at Gldani to process transactions using its latest generation chips and has used its proprietary immersion cooling system to create energy-saving systems for high-performance computing applications.