29 Sep '15, 12pm

DigitalBTC Bows Out of Bitcoin Mining Race

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 like a traditional miner, we had to look for something else to do. We have been slowly winding down our bitcoin mining operations and we will be progressively moving away from using it as a currency." Though DigitalBTC – like many others – has been diversifying its product line for som...

Full article: http://www.coindesk.com/digitalbtc-bows-out-of-bitcoin-mi...

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