BitcoinMining

Australian Mining Firm Bitcoin Group Raises $3.6M on BnkTheFuture before $15M ASX IPO

Australia’s largest bitcoin mining operator, Bitcoin Group, has raised US$3,646,348 on crowd funding platform BnkToTheFuture.com with only three days left in the campaign.

The mining firm exceeded its investment goal of $3 million, with 38 backers participating and 15% equity on offer.

Bitcoin Group reportedly validates 135,016 bitcoin transactions every 24 hours. Through a portfolio of 6,129 mining machines, the group outputs 6.2 Petahasshes and 1.5% market share of the global hashrate.

The company was established in Melbourne in 2014 by Allen Guo and Ryan Xu. Next month, Bitcoin Group is trying to invest on the ASX for third time next month. The Australian Securities and Investment Commission (ASIC), the financial regulator, put two stops on the firm’s original fund raising efforts. The second occasion was when the fundraising round was being promoted on We Chat, a Chinese social media platform, prior to the prospectus being lodged and approved.

Having secured approval from ASIC, Bitcoin Group is scheduled to list shares in a A$20m – approximately US$14.57m – public offer on the ASX in Sydney on 11 November 2015. It follows bitcoin start-up digitalBTC listing last year on the ASX via a reverse listing.

With operations in China, Iceland and Australia, the company hopes to become one of the world’s largest Bitcoin mining companies and on creating a more convenient means by which the general public can manage and transfer money.

In addition to Bitcoin Group, Hong Kong-based BnkToTheFuture is raising funds for a number of other blockchain technology firm including StartChat, E-Coin, Ethereum and Storj.io. The crowdfunding platform claims to have raised US$35,710,608 since its own founding.

Journalist, policy analyst, and evangelist of new, disruptive technologies including big data analytics, Internet of Things, and cryptocurrencies. Internet industry veteran with regional c-suite experience, and journalist credentials earned at internet.com, Internet World magazine, and Mecklermedia Corporation.
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