The Australian Government’s decision to ban cryptocurrency mining companies has brought some of the world’s largest mining operations to Australia.
As the Australian Bureau of Statistics reports, the number of miners operating in Australia has fallen by half over the last year.
But there are plenty of companies in Australia that can take advantage of the new rules to make money.
Bitcoin mining company, Bitfury, was one of the first to announce plans to operate in Australia in February.
Its founder, Brian Krebs, explained the company’s decision in a video he released on March 4:We have been looking at Australia for a while now and are very excited to finally open our doors to the Australian community.
The first time we’ve ever opened up to anyone was at the last G20 meeting in Sydney in 2020 and we had a huge turnout from the local community and people who had come to visit us and we’ve got a lot of interest from local businesses, and also local media outlets.
So what does Bitfvy want to do with its newfound freedom to operate?
Bitfury’s CEO, Brian Wieser, said the company wants to create a cryptocurrency that could serve as a means of payment and make it easier for people to use the bitcoin network.
“There’s so many reasons why people should use bitcoin, but we think we can help make it even easier for users to use bitcoin,” he said in the video.
“You can use bitcoin to make your purchase, to make a payment on the web, on a mobile phone, and we think bitcoin can be used for those purposes.”
Wieser said he’s seen a number of people interested in using bitcoin, including one company, which he called “bitfury”.
“We think we’ve been able to make it possible for people who have never tried bitcoin before to get into it and try it out and to be able to start building their businesses,” he explained.
“We’ve been working with a lot [companies] in Australia who have a lot in common with us.”
Bitfry, a Bitcoin mining company based in Sydney, has announced plans to open up to Australian users.
In a statement, BitFury said it will “provide a convenient, transparent and secure payment method for users” who wish to “pay for goods and services”.
“This is an important step in our mission to bring bitcoin to Australia, where it is not available,” the statement said.
“Bitfurry will be the first bitcoin company to provide this service, and as a result, we hope to bring new customers to the bitcoin ecosystem.”
Australia is set to become the third country in the world to ban cryptocurrencies as the Government moves to tighten rules around the mining industry.
The new regulation, which will come into effect in April 2019, bans companies that offer services that rely on cryptocurrency mining for profit from operating in the country.
The regulations also stipulate that the cryptocurrency must be traded by people with an Australian banking licence, and they ban anyone from mining their own bitcoin on their own property.
There are several reasons why bitcoin mining is so appealing to some Australians, and Bitfry is one of them.
The company’s CEO said Bitfory would be “very happy” to take bitcoin mining services from existing miners in Australia.
“When I first started the company I did not know what the future held, I was still learning, and I just wanted to do something that I could get money for,” Wiesers said.
The company also wants to allow Australian miners to use their profits to fund the development of its own blockchain network.
Bitcoin is a peer-to-peer cryptocurrency that is often traded on the open internet.
It has been described as the most widely used virtual currency on the planet.
“It’s a very popular cryptocurrency.
It’s used for all sorts of things, it’s used by companies all over the world and it’s even used in some of our own mining operations,” Bitfries CEO explained.
According to Bitfuries spokesperson, Chris Bostrom, “bitcoin has the ability to become a more widely accepted currency.”
“I don’t think there’s any doubt that bitcoin has the potential to become one of our biggest financial assets.
It does allow for more transparency and is more accessible than a fiat currency,” he added.
The Australian government will now regulate Bitcoin miners on a country-by-country basis.
“The Government’s view is that it’s the best way to regulate bitcoin in the coming years,” the Australian Competition and Consumer Commission (ACCC) said in a statement.
“With the Government’s recent announcement, it is now clear that it will move to regulate Bitcoin companies as a separate industry from other industries.”
The Australian Competition & Consumer Commission says it will continue to look into the future of bitcoin regulation in Australia as it considers the best approach for the industry.