Australian firm DigitalBTC is bowing out of bitcoin mining to focus on its consumer products, its CEO has said.
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:
The company's new products include private liquidity platform digitalX Direct and AirPocket, a peer-to-peer remittance app. The latter starts its public beta in the US and the Dominican Republic today.
Long on bitcoin
"As much as we believe that bitcoin as a financial instrument can be a valuable tool, we basically have the opinion that it is going to take longer than we thought," Tsvetnenko said.
Last week, payment processor BitPay laid off a number of staff to "better align with the [industry's] pace of growth".
Despite bitcoin's value, DigitalBTC – which is listed under Digital CC Limited – still holds a great amount of the digital currency.
According to its report, the company bought $10.1m-worth in Q2, bringing its total purchase over the past year to nearly $29.7m.
Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.