Topic: Former bitcoin miner Digital X reports $1.2m Q3 loss (Read 702 times)

The tech community is heading towards a drop off soon as it has had a long run with Unicorns sustaining it.
Once the bubble bursts we could see a downward trend for bitcoin as people stop bringing ideas in to be bought out.

Does the current Quarter loss have anything to do with the current regulatory moves by the Aussie Government?
If its just realigning the ponies I would not worry to much about one quarter and would watch to see what happens in the next one before
spelling their demise.

For a market cap like theirs, it's more than worrying actually. I wouldn't be surprised if they announced that they were going under all of a sudden, it's not like we haven't seen this before with Australian listings. 

It is developing a new product.
Losses in initial stages is nothing to be worried about. 

Really ?! Spondoolies Tech closed ?! I thought it was a big well established company, that will never close. Now if BitFury closes, Bitmain would be alone ...

They're dropping like flies...
https://www.cryptocoinsnews.com/bitcoin-mining-developer-spondoolies-shuts/

The strategic move away from Bitcoin mining was actually not a bad decision in the end... If they were still mining after the Halving, they would have had to close their doors. We will see a lot of

companies going under in the west, once the Bitcoin rewards are halved... and mining will get more centralized in countries where the electricity are being subsidized. { China } It is just unfortunate, but a natural reaction, when you have surplus cheap energy.

Isn't this a natural result of the halving coming and less coins will be produced meaning less mining?  Looks like it is happening to others as well.

It is developing a new product.
Losses in initial stages is nothing to be worried about. 

Fintech firm Digital X has reported a third quarter operating loss of $1.27 million.

For the three months ended March 31, 2016, Digital X's bitcoin trading activity produced approximately $5.7 million in revenue, which the company said helped to offset the cash burn its AirPocket remittance product caused, as well as the "winding down" of bitcoin mining.
Latest Australian news.

Previously, Digital X was listed on the Australian Securities Exchange (ASX) as DigitalBTC, undergoing not only a name change in October, but a shift in business model as well.

DigitalBTC, trading as Digital CC, was formerly solely involved in bitcoin mining, a procedure whereby a company is rewarded with the cryptocurrency for performing calculations that secure the blockchain and confirm the validity of a transaction.

...In May, Digital X raised AU$3.5 million to fund the development and rollout of AirPocket, an app-based peer-to-peer, cross-currency cash remittance platform. After rebranding, Digital X announced its focus would be on the AirPocket platform, saying that the rebranding represented a strategic change from a focus on bitcoin as a mechanism to store value to a focus on software development.

The company said it is currently involved in discussions with partners in the US and Latin America around AirPocket; however the product is not available in Australia.