29 Sep '15, 6am

First ASX-listed bitcoin company dumps 'mining' - Sydney Morning Herald

First ASX-listed bitcoin company dumps 'mining' - Sydney Morning Herald

Digital CC executive chairman Zhenya Tsvetnenko says a decision was made to shift from the original business because the company was losing money. Photo: Aaron Bunch Digital CC, the first bitcoin "miner" in the world to be publicly listed , has dropped its original business in favour of using bitcoin's distributed ledger, known as blockchain, as a cheap way to transfer money to people in developing countries. The company began beta testing on Tuesday its first product, called AirPocket, which is an app being used by 50 people to transfer money between the United States and the Dominican Republic. Executive chairman and BRW Young Rich lister Zhenya Tsvetnenko said a decision was made to shift from the original business – which involved solving complex algorithms with powerful computers to verify bitcoin transactions, known as mining – because the company was losing money. T...

Full article: http://www.smh.com.au/business/banking-and-finance/first-...

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