By
Mayowa Adebajo
April 15th, 2024
Digital BTC, first-listed Bitcoin mining firm, announced that the company is leaving Bitcoin mining to focus on their AirPocket global remittance app.
DigitalBTC, the world’s first-listed Bitcoin mining company, announced that the company stops their Bitcoin mining activity and enters the fintech remittance field.
Zhenya Tsvetnenko, Digital BTC Executive Chairman, told Fairfax Media that the company decided to exit from the Bitcoin mining business as they couldn’t make money from it. SiliconAngle reads that the firm have had revenue of $36.6 million for the year ending August 31, with a loss from that of $6.8 million. “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.
“When we saw the big drop in the value of Bitcoin, just like a traditional miner, we had to look for something else to do. We have been slowly winding down our bitcoin mining operations and we will be progressively moving away from using it as a currency,” Tsvetnenko added.
However, the company plans to focus on the product they’ve been creating. It’s dubbed AirPocket. Not so long ago, Digital BTC announced the start of public beta testing of the AirPocket remittance service.
The company says that the AirPocket beta phase will be open to 50 customers. The beta version will offer remittance services between the United States and Dominican Republic. According to Digital BTC, the beta stage aims at testing the customer experience of the application. Another beta phase including a broader testing is scheduled for later in Q4 2015.
It’s necessary to mention that even having bowed out of Bitcoin mining game, Digital BTC uses the technology behind Bitcoin – the blockchain – in its peer-to-peer AirPocket app in order to provide an open ledger to remittance transfers. Plus, according to the company, the app is compliant with KYC and AML regulations in countries where it is planned for operation, states Finance Magnates.
Zhenya Tsvetnenko commented: “It has taken months of hard work and perseverance to get the AirPocket application to this stage.” He added: “We’re confident of the application’s ability to securely transfer and remit funds and we hope this phase of testing will enable us to improve on the user experience of the interface before we launch it in a wider public environment in 2016”.
SiliconAngle reads that in March 2014, Digital BTC listed under Digital CC Limited on the Australian Stock Exchange by taking over an existing small mining concern promising great things from its proposed mining operations. However, the company didn’t expect the decrease in the cost of Bitcoin. So, Digital BTC still owns a big amount of the digital currency in spite of bitcoin’s value.