DigitalBTC, the Australia-based miner, has reported a first-year net loss of $6.77 million on annual mining revenue of $6.4 million, according to zdnet.com. The company nonetheless claims to be very bullish on bitcoin.
The company, which trades as Digital CC Limited on the Australian Securities Exchange (ASX), reported negative earnings before interest, tax, depreciation, and amortization (EBITDA) of $3.16 million for the full year ending June 2015.
Second Quarter Brought $1.2 Million Loss
In this year’s second quarterly report in late July, DigitalBTC reported $1.2 million in losses. Despite this, the company purchased a total of more than $29.6 million in bitcoins, with $10,116,000 of that being in the second quarter. The company designated the bitcoins for digitalX Direct, the company’s “flagship product” which launched at the end of last year. DigitalX Direct’s purpose is to provide liquidity to institutional users, such as merchants and bitcoin sellers. Previously much of their customer base had been bitcoin trading companies.
According to the second quarterly report, the company had cash reserves of $2.6 million in cash and $1 million in bitcoins.
Management Remains Bullish
In posting its first-year loss, management continues to tell shareholders that its results reflect a “strong performance