The first Australian bitcoin was mined in the United States in 2014, but the mining process hasn’t been used in Australia for a decade.
That hasn’t stopped many people from thinking it was the first time a cryptocurrency had hit the Australian market, or even the world.
But in March 2018, the price of a bitcoin reached an all-time high, reaching a record $US1,094.25.
Now, a group of Australians have launched a bitcoin mining business called The Mining Group.
It’s run by the brothers Daniel and James McKeown, who are both mining in New South Wales, and they’re hoping to make mining a regular part of their lives once they move to Australia.
The brothers say their bitcoin mining businesses are part of a global trend that will eventually become more commonplace.
“We’re not trying to be a gold rush, we’re just trying to keep the bitcoin in Australia and see what happens with it,” Daniel McKeon said.
“The mining is a great way to fund your bitcoin business and keep the value going, so you can invest in the currency.”
The Mining Group has a few machines in its shop, and Daniel Mc Keon said they’d rather keep the machines running than sell them.
“Our main goal is to keep our business going and to keep it open and continue to grow, and if we can do that, then we’ll keep our mining business going,” he said.
The mining business is being run through a non-profit organisation called the New South West Mining Fund, which helps to fund the business.
“Bitcoin mining is an industry that’s very difficult to access in Australia because it’s a federally regulated commodity,” Mr McKeons said.
Mr McKeony said he’d never seen mining as such a lucrative activity.
“It’s a lot of money, and it’s very easy to go into,” he explained.
“I haven’t seen that kind of income for a long time, and I’m very happy to see that change.”
Topics:business-economics-and-finance,mining-industry,mining,bitcoin-mining-technologies,business-news,bitcoin,technology,business,bitcoiners-state-issues,australiaFirst posted March 07, 2019 12:17:25Contact Alex WillsMore stories from New South South Wales