Binance's former US boss, Brian Brooks, will lead the crypto miner Bitfury

Bitfury has appointed the former US boss of Binance, Brian Brooks, the CEO, with the former financial supervisory authority at a time when the industry is booming, the reins of one of the world's largest crypto mining companies take over.

Brooks will replace Bitfury founder Valery Vavilov, who is commissioned as the “Chief Vision Officer” of the company to develop new projects.

The appointment by the company based in Amsterdam after China banned the mining of cryptocurrencies at the beginning of this year, the energy -intensive process in which new digital tokens are created. The move gave international companies that stepped in to fill the capacity gap.

The Vavilov born in Latvia was founded Bitfury as a Bitcoin mining company in 2011, but has expanded the business with infrastructure projects such as the operation of data centers, computer chips and software development for the crypto industry.

brooks changes to Bitfury after leaving Binance Us abruptly in August after only three months in the job. Binance US is a subsidiary of the extensive crypto exchange Binance, which has come under strong pressure from important supervisory authorities around the world.

brooks said that he was "very confident" that his term at Bitfury would take longer, and said the Financial Times, he expected to "get along better" with Vavilov than with his former employer.

"The stock market business is currently profitable, but it is not necessarily the place where innovation takes place," said Brooks and added that Bitfury's status was the only mining chip manufacturer outside China.

Vavilov said that he found an "immediate energy adjustment" at Brooks, who worked as deputy chairman of the US banking supervisory authority Office of the Currency until January. Previously, he had also worked as a Chief Legal Officer at the Coinbase crypto tour.

"We have learned how to build successful companies and also around markets and infrastructure. But it all lasts long and I have been looking for a new boss for three years," said Vavilov.

Bitcoin mining has aroused concerns about its negative effects on the environment. According to the Cambridge Bitcoin Electricity Consumpt, the industry consumes more electricity than the Netherlands and a little less than the United Arab Emirates.

Brooks admitted that "Bitcoin-Miner is an environmental problem". However, he said Bitfury took measures that would reduce the climate effects of the industry. For example, Bitfury has developed a technology to make the cooling of computers and data centers more efficient and reduce the ecological footprint of the activity.

The reorganization at the top is, since Bitfury is preparing for a fundraising round to build new mining centers around the world. At its 2018 financing round, the company achieved an assessment of $ 1 billion, a number that may be exceeded this time. Peers Genesis and Core Scientific, which have a comparable size and size, were recently assessed at USD 3.5 billion or $ 4.3 billion.

"We are looking for both venture capital and [A Stock Market] list. The conditions on the risk capital market are currently very cheap, so we will probably take this path, but we both consider," said Brooks.