Oops: first-listed Bitcoin mining firm just quit mining, getting into fintech remittance instead

The world’s first-listed Bitcoin mining company DigitalBTC (Digital CC Ltd.) has announced that it’s getting out of the game and instead entering the fintech remittance space.
DigitalBTC listed on the Australian Stock Exchange in March 2014 through a backdoor listing by taking over an existing small mining concern, and promised great things from its proposed mining operations, but got one thing seriously wrong: it didn’t allow for the drop in the price of Bitcoin.
Executive chairman Zhenya Tsvetnenko told Fairfax Media that they were getting out of the Bitcoin mining business as the company simply can’t make money from Bitcoin mining.
‘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 told Fairfax.

This post was published at Silicon Angle on Sep 30, 2015.