Though the Bitcoin mining industry has significantly matured over the past 12 months with a number of key players working with leading silicon companies and the media beginning to report more positively on Bitcoin as a whole, mining still has a stigma attached to it, largely due to bankruptcies, scams and vapourware companies.
Today, the industry made another stride towards legitimacy and showed further signs of how serious Bitcoin is being taken with the announcement that Young Sohn, president and chief strategy officer for Samsung Electronics has joined the advisory board of Bitfury. Sohn who has served as president and chief strategy officer for Samsung since 2012 has a wealth of experience within the semiconductor and manufacturing industry, starting his career at Intel and over the past 30 years working with large companies including Tivo, Oak Technologies and Synnex.
In the announcement, Sohn praised Bitfury’s innovation.
The company’s commitment to delivering results through strong and consistent execution of its business and growth strategy has not only allowed BitFury to become a highly respected global bitcoin company, but to also see new opportunities.
Bitfury CEO Valery Vavilov returned the praise, explaining how he feels Sohn’s vast experience gained from 30 years in the industry will benefit the company as they grow
Young has served as CEO of four public companies. His experience in building and capitalizing companies will be invaluable to BitFury
The announcement comes only a week after Peter Vessenses, South Korea Bitcoin Foundation chairman stated that one day Samsung will benefit from Bitcoin mining, leading many to speculate that the relationship will mutually benefit both Samsung and Bitfury in the long term.