Digital CC, the ASX Listed Bitcoin Mining Company Stops Mining Operations

Bitcoin mining is becoming more process intensive on each passing day. All thanks to progressively increasing blockchain difficulty and competition from large mining pools that multiple data centers will hundreds of bitcoin mining ASICs (Application Specific Integrated Circuits). With increasing competition many mining companies have come to realize that it is not a feasible business to be in, except for a handful of those who can afford high hashing power.

Digital CC is one of the very few listed bitcoin companies in the world. The company also holds the distinction of being the very first listed bitcoin mining company in the world. Listed in the Australian Securities Exchange (ASX), the company is now planning to deviate from their main line of business.

Digital CC is stopping its bitcoin mining operations and entering the Bitcoin 2.0 and bitcoin blockchain based businesses. The company already has a product ready along those lines too. Digital CC’s AirPocket is an application that allows users for money transfer operations. However, the product might take a while before people can start using it as it is still in a pilot phase. Currently a small group of test users are using AirPocket to transfer funds between United States of America and Dominican Republic.

Digital CC was listed in the ASX during mid-2014 and the company has since then realized that the bitcoin mining is not as technologically advanced or cost effective as it is supposed to be. Also, the adoption of bitcoin as a financial instrument has been slow, which has also contributed to Digital CC’s woes. All these factors seems to have influenced the company’s decision to move away from bitcoin mining and concentrate more on blockchain based applications.

According to Digital CC’s executives, the company is now using its blockchain related intellectual property to create applications and tools which they consider to be more useful and long-lasting at the moment.

Gautham

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I see, I think and I do… passionate about digital currency, start-ups and social good. I believe that if you mix them right, you can change the world. Find me @gautham_n on twitter or /gautham,nm on facebook

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