bitcoin price gearing up for breakdown. newsbtc Bitcoin Group , one of the largest bitcoin mining operators which has been planning its initial public offering (IPO) since 2014, has at last confirmed its Australian Securities Exchange (ASX) debut in February.
The Melbourne-based bitcoin mining firm currently operates over 6,100 different miners, including Ant Miner S5, Ant Miner S2, Asic Miner Prisma and Dragon Miner in the US, UK, China and Iceland. The firm generates around 6 petahashes, approximately 1.57% of the global hash power of the entire Bitcoin network.
Due to its abundance of computing power and five computer centers in China, Bitcoin Group today processes one to two blocks a day using all of its miners, which makes up around US$20,000 in daily revenue. In July, the rate of reward for every mined block is set to halve, decreasing the revenue of the company by 50%.
However, the firm’s CEO Sam Lee is optimistic about the relatively stable value of Bitcoin, which has closed the year 2015 as the best performing currency in the world. While the annual revenue of the firm falls short at around US$7.2 million, the increasing price of Bitcoin could substantially increase the profit margin of the company.
“This is a billion dollar opportunity rather than a million dollar one,” said Lee . “Bitcoin will revolutionise the world of finance because it has the potential to make the world of finance more accountable and cheaper to operate.”
The firm expects tech-saavy investors and digital currency traders in the public market to invest in the company upon its debut. Bitcoin Group aims to disburse US$18 million from the IPO to purchase more miners and machines, to increase the group’s mining power. Issued Warning from the ASIC
In February, 2015, the Australian Securities and Investments Commission (ASIC) issued a warning […]
