Australia’s first bitcoin mining cloud service launches

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StartupSmart | 2 May 2014

BitCoinCloudMining.com has launched, making it Australia’s first global bitcoin mining cloud service.

Cloud mining consists of a customer leasing mining hardware capabilities through a cloud based service.

According to the company, BitCoinCloudMining platform has been designed to reduce complexity for investors and offer the easy creation of a passive bitcoin income without incurring the cost of mining hardware and operations. Its website claims it is the “world’s most affordable bitcoin mining company”.

The platform is a key business in the operations of the Bitcoin Corporation (BTC Corporation), founded by Australian digital media pioneer and entrepreneur Domenic Carosa. The specialist bitcoin investment group also includes BuyaBitcoin.com.au, where Australian users can buy the currency with further bitcoin-based products and services in development for the online interactive gaming industry.

“Bitcoins are changing the way we live, transact and do business. The digital economy has removed the traditional restraints of geographic boundaries with the rise of bitcoin currency facilitating the evolution and growth potential of both private and commercial transactions in ways that the market has not yet conceived,” says Carosa.

A recent report by investment firm Wedbush Securities estimates more than US$200 million (A$215m) was spent on bitcoin mining equipment globally during 2013, with the utility costs of running the equipment continuing to rise.

Carosa says the entry of BitCoinCloudMining.com provides relief from these rising operating costs for individual bitcoin miners by removing the overheads from the process and delivering simple access and an easy to use interface to the bitcoin process.

BTC Corporation chief executive Simon Oliver says as an early adopter of the bitcoin technology, the Australian market also provides an accommodating regulatory ecosystem.

“The recent launch of Australia’s first bitcoin ATMs is a promising sign the market is seriously embracing this new digital currency,” Oliver says.

There are already a number of established global bitcoin mining cloud services in the market.

This article first appeared on StartUpSmart.

Photo courtesy of Antana/Flickr/Creative Commons.

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