DigitalBTC Bows Out of Bitcoin Mining Race
Australian firm DigitalBTC is bowing out of bitcoin mining to focus on its consumer products, its CEO has said. The company, which debuted on the Australian Stock Exchange (ASX) last June, mined 8,600 BTC in its first three months. However, with bitcoin's price down almost 60% since then, its hardware is proving to be less and less profitable. According to its latest statement, mining operations netted DigitalBTC $6.4m in the 12 months to June 2015, 20% less than the previous year. CEO Zhenya Tsvetnenko told The Sydney Morning Herald: "When we saw the big drop in the value of bitcoin, just....
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DigitalBTC has inked a strategic hardware supply agreement with BitFury, one of the leading manufacturers of bitcoin mining equipment. The company is owned by Australian investment firm Macro Energy, which acquired Digital CC and its subsidiary digitalBTC last month. Thanks to the acquisition, the firm became the first bitcoin-related business to be listed on the Australian Stock Exchange (ASX). Mining plans. At the time Macro Energy said it plans to raise AU$9.1m and to invest the money in the expansion of digitalBTC operations, including bitcoin mining. Soon after digitalBTC entered a....
Australian bitcoin firm DigitalBTC has reported its quarterly earnings, the first since the company went through a reverse takeover and re-listing on the Australian Securities Exchange (ASX). The company reported positive cash flow from bitcoin mining activities and bitcoin liquidity propositions, adding that it has already managed to recoup investments in its mining operations. In addition to mining, DigitalBTC is trying to enter the consumer space and has made it clear that it plans to use revenue generated by its mining business to fuel further expansion. As DigitalBTC is the first....
Australian bitcoin company digitalBTC is expanding its mining capacity and entering a new contract with data centre provider Verne Global. The company said it is acquiring new bitcoin mining hardware from manufacturer Spondoolies-Tech, although the exact details were not revealed. DigitalBTC did say, however, that the new hardware will expand its processing capacity by approximately 40% for a
Australian investment firm Macro Energy Limited, which recently acquired digitalBTC, has announced a strategic agreement with CloudHashing.com - a company that lets customers pay to use its servers to mine bitcoin, rather than invest in their own rigs. Macro is planning to raise AU$9.1m as part of the digitalBTC deal and last week it said it will invest the money in mining operations and the expansion of other digitalBTC operations. It now appears that a sizable chunk of the investment will go toward the newly announced strategic deal with CloudHashing.com. 'Win-win' situation. Under the....
Australian bitcoin company digitalBTC has dissolved a supply agreement with cloud mining service CloudHashing. Under the agreement, which was finalised in March, CloudHashing was to run digitalBTC hardware in data centres in Iceland and Texas to mine bitcoins. Today, however, digitalBTC announced that it was pulling out of the deal, filing an announcement with the Australian Securities Exchange (ASX) that stated the companies had agreed to dissolve the supply deal. Under the settlement, CloudHashing's shares in digitalBTC are to be cancelled. The announcement states: "The settlement....