A win-win strategic partnership has been announced this afternoon by Australian investment firm Macro Energy Limited, which just acquired digitalBTC, and CloudHashing.com, a company that allows customers to pay to use its servers to mine bitcoin, reports CoinDesk this afternoon.
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This arrangement for mining via the cloud rather than investment in bitcoin computer equipment and maintenance operation is extremely cost efficient in saving for Bitcoin miners. Macro has announced its plans to raise AU$9.1million as part of the digitalBTC deal.
The agreement makes it possible for CloudHashing.com software to be placed onto the digitalBTC bitcoin hardware. It has location sites in Iceland and Texas. Management of the hardware at these operation sites will be CloudHashing.com and there will be reciprocal arrangements for the supply of the mining computer equipment.
DigitalBTC will handle bitcoin trading activities for CloudHashing.com through its trade desk. CloudHasing.com is the largest bitcoin cloud mining provider in the world. They both bring to the table a cost efficient approach to their operations and growth potential as Bitcoin grows in usage around the world.
DigitalBTC’s Executive Chairman Zhenya Tsvetnenko has stated in an effort to focus on mining operations, expansion and cost control, ‘this agreement with CloudHashing.com will lead to the deployment of their best-in-class proprietary bitcoin mining management system to our state of the art hardware, allowing us to concentrate our software development resources on our integrated suite of retail-focused mobile applications for bitcoin and other digital currencies.’
The exciting news is that digitalBTC will be the first bitcoin company to be listed on the Australian Stock Exchange. This opens up direct investment into a Bitcoin operation and enables investors to diversify their portfolio and reduce risk in concentration of only owning a portfolio of bitcoins.
CloudHashing.com CEO Emmanuel Abiodun told CoinDesk, ‘this is a mutually beneficial relationship and partnership for both parties. CloudHashing bringing its wealth of knowledge in the bitcoin mining space and digitalBTC is entering an exciting market with strong capital backing and proven bitcoin trading success.’
Abiodun said mining in the country of Iceland is growing at a rapid pace due to no regulatory restrictions and the cool arctic air is free to pipe into the computer room; an environment that is needed for a physical bitcoin computer operation in order to keep the computers from overheating. This particular cool maintained temperature keeps computers operating around the clock. Mr. Abiodun also chose Iceland, because geothermal and hydroelectric energy are plentiful and cheap, as he told the N.Y. Times in an interview last December.
The forecast for bitcoin production is between $7.5m and $10m dollars in coins a month, which is turned over to the digitalBTC trade desk.