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As one of only a handful of publicly traded cryptocurrency businesses, Australian bitcoin mining company DigitalBTC is a glimpse at a possible, perhaps even likely, future for the digital currency industry. In its first quarterly report as a public company, DigitalBTC claimed that it was already turning a profit.
Considering the significant $4 million investment the company made earlier this year in BitFury miners, that’s no small feat. DigitalBTC Executive Chairman Zhenya Tsvetnenko told CoinDesk that the purchase “proved to be a wise decision,” and that they had already paid off their equipment costs. According to their quarterly report, the company made over $2.1 million in bitcoin sales this year.
DigitalBTC made headlines in the mainstream news earlier this year when it announced that its reverse-takeover of Macro Energy Limited, enabling the rebranded company to be listed on the Australian Securities Exchange (ASX). Although DigitalBTC does operate a small exchange, the company’s business model is still firmly rooted in bitcoin mining.
With “hashing center” mining on the rise, an increasing number of mining companies reaching a size where corporate models make logistical sense, and a growing interest in bitcoin mining in the corporate sector, the DigitalBTC story may soon have parallels outside of Australia.
Written on 24 Jul 2014.