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.
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