Bitcoin Group withdraws bid from Australian Securities Exchange
The company said that it would return the funds after Australian securities officials deemed the company ineligible to list due to concerns about its long-term operational viability.
ASX drew issue with the reports conclusion that Bitcoin Group would need to raise fresh capital in 2017 in order to stay operational after the Bitcoin mining reward falls from 25 BTC per transaction block to 12.5 BTC.
The withdrawal marks the latest incident in a long string of problems for the mining company in its dealings with Australian regulators.
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