Australian bitcoin company Digital CC reported half year net loss. The report covers transactions dated until 30 December 2014.Digital CC Ltd, which is an Australia based bitcoin firm, has published report for half-year period. The report focuses on transactions up to 31st December 2014 and suggests that the company incurred net loss of $2.3 million after tax was deducted.
Digical CC Ltd was the first bitcoin start-up which was listed on the Australian Securities Exchange. It is known as digitalBTC by many bitcoin users.The executive chairman of BigitalBTC, Zhenya Tsvetnenko, indicated that the loss was a result of bitcoin’s price decline. He said, "The statutory loss recorded for the half has been impacted by necessary accounting adjustments flowing from digital currency price declines."Tsvetnenko added that why the half year period was not so bad for business. He said, “Our half year has seen significant growth in our liquidity desk and digitalX Direct operations, as well as investments made in our early mover position in digital currencies.
"The company total revenue was $14.5 million. Out of this amount, $9.9 million was gained from its liquidity desk. $9.
9 million was earned from digitalX direct sales.The revenue generated from mining bitcoins was $4.6 million. The net income before taxes, interest, depreciation and other factors was $216,934.The company shared its plans to continue to focus on the development of DigitalBTC’s software applications.
2 of the most popular software applications are digitalX Mintsy and digitalX Pocket.The firm claims that the software allows customers "fast and secure transactions regardless of size and geography."The announcement was made short time after Digital CC ltd halted its relationship with CloudHashing, a cloud mining company.Based on the agreement finalized in March, CloudHashing was supposed to use digitalBTC hardware in its data centers located in Iceland and Texas to mine bitcoins.On the 30th of January, the start-up filed an announcement with the Australian Securities Exchange where it mentioned that both the companies had agreed to cancel the supply deal.A few days before the announcement, on 25 January, Digital CC ltd announced that it was growing its mining capacity.
It said that it was entering a new hosting contract with Verne Global, a data center provider. At the time, the start-up said that it was buying new bitcoin mining hardware from hardware manufacturer Spondoolies-Tech.The addition of these new mining gears would increase Digital CC ltd’s processing capacity by almost 40%. Around $700,000 was spent on this.
The company stated the expenditure as a "small outlay" at the time.?DigitalBTC, publicly traded as Digital CC Limited on the ASX, is a digital payments company. It develops software packages which are designed to ease digital payments.The software allows customers to transact securely and cost-effectively with crypto currencies. The firm believes that customer service is very important, so it provides live operator assistance.
