Category: Australia

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Australia Blockchain Crypto Exchange Crypto News Investing Melbourne Trading

Aussie Exchange ACX Case: Blockchain Global Collapses Owing Creditors $21 Million

Australian crypto exchange ACX came in for criticism “multiple times” last year from concerned traders and users who reported they were unable to withdraw funds.

Now the developer of the failed ACX trading platform, Blockchain Global (BGL), has entered voluntary administration, owing creditors A$21 million.

BGL has variously claimed to be the developer, operator and owner of ACX. Administrators were appointed on October 19, less than a month after BGL was ordered to disclose its assets by Victorian Supreme Court Justice Peter Riordan.

$12.3 Million Shortfall in BGL Assets

Sam Lee, CEO of BGL, claims to have stepped down as a director in March 2019 but he retains ownership of the brand. A preliminary administrators’ report dated October 24 revealed a $12.3 million shortfall in assets.

It’s a business decision for existing directors that it is in the best interest of creditors and shareholders to wind up the company. I abstained from all decision-making after my appointment as I didn’t have enough visibility to make informed decisions.

Sam Lee, CEO, BGL

According to the preliminary administrators’ report, BGL has A$8,264,764 in assets including A$5,729,175 in crypto spread across bitcoin, ethereum, MobileGo and XEM, plus A$1.3 million in shares along with another A$1 million in cash held in accounts with the Bank of Melbourne.

The value of BGL’s assets and uncollected debts, however, is far exceeded by its creditors. Since ACX ceased trading and froze the accounts of its users in March last year, an estimated 200 investors – who are understood to have lost as much as A$10 million – have been kept in the dark.

ACX Banned For Life, Digital Currency Licence Revoked

ACX was banned for life by the peak industry body while the financial intelligence regulator AUSTRAC revoked its digital currency licence. Many of those investors have since given up hope of ever getting their money back.

One of them, University of Queensland research fellow Khaled Said, invested “a few thousand dollars” in popular currencies such as Ripple and Ethereum with ACX during the first bitcoin boom in 2017. He lost interest during a downturn but returned to the platform when prices began to recover in 2019, only to find he was one of many who could put money into ACX but could not take it out.

As far as we can tell there are 10 or 20 [investors] who lost a lot, who lost more than half a million, and the rest are people like me who lost a few thousand each.

Khaled Said, ACX investor and creditor

‘Nobody Wants to Take the Case’

Investors say the collapse of the platform has been reported to the Australian Securities and Investments Commission, the Australian Competition and Consumer Commission, the Federal Police, various state police, the Australian Signals Directorate’s Cyber Crime Unit and several members of parliament.

Said personally reported his loss to ASIC in August 2020. He was sent a few links to fact sheets and has not heard anything since. “Nobody is willing to take our case, which is really concerning,” Said complains.

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Australia Bitrefill Payments

Australians Can Live On Crypto Using Bitrefill’s AU Services

Australian crypto traders made A$10k in profit on average in the past 12 months, leaving some looking for ways to spend their crypto, especially with the tax man looming.

Living on Crypto Using Bitrefill

A new way to spend your crypto in Australia is via Bitrefill, which provides services to allow you to spend your crypto at popular outlets nationwide.

Bitrefill has seen tremendous growth in the Australian market over the last 12 months. From 2021 Q1 to Q3 we’ve seen Australia sales more than double. The product range also continues to grow with more and more gift cards being added every week.

Chris Pavlesic, Bitrefill Australian ambassador

Spending your crypto is simple with Bitrefill. Just buy a gift voucher with your crypto, which can be instantly redeemed online, or use the Bitrefill mobile app for payment on the go. Optionally, create a free Bitrefill account and get cashback rewards in Bitcoin satoshis when you purchase.

Buy your Food Using Crypto

Use your crypto to buy food from Coles as you do your weekly shopping, or order a takeaway from Uber Eats. View all food options.

Buy your Drink Using Crypto

Wash down your food with some Bitcoin-bought drinks. View all drink options.

Retail Shopping Using Crypto

Buy some new clothes using your crypto wallet. View all retail options.

Entertainment Using Crypto

Rent a movie, buy a computer game, go fishing or book an adventure with your crypto. View all entertainment options.

Travel Using Crypto

Pay for your Uber ride using Bitcoin, or book your next hotel or flight using your crypto wallet. View all travel options.

Recharge Your Phone Using Crypto

Purchase your next mobile phone recharge with your crypto wallet. View all phone options.

About Bitrefill

Bitrefill is a website where you can buy gift cards, vouchers and phone recharges in Australia and more than 170 countries worldwide. It offers services to help you live off your crypto by buying gift vouchers and redeeming them instantly using your mobile phone as payment.

Pros of Using Bitrefill:

  • Live on crypto – use your crypto to pay for goods and services through the Bitrefill gift cards without the need to withdraw funds from your bank account.
  • Instant buy – you can prepay your Bitrefill account, speeding up the check-out process if you’re out and about. It also supports the Bitcoin Lighting network to speed up your purchases.
  • High usage without an account – unverified accounts have high usage limits up to US$10,000 for most categories up to 100 purchases daily. If you want unlimited daily purchases, you’ll need to verify your account.
  • No expiration dates – the Bitrefill Balance Cards and Bitrefill Balances have no expiration dates.
  • Refill for other people – you can refill any account just by entering a phone number and sending the Bitcoin to an address.
  • 1% rebates on purchases – earn a minimum of 1% cashback in Bitcoin satoshis every time you use Bitrefill to purchase gift cards and mobile refills.

Cons of Using Bitrefill:

  • Unspent value – any value contained in a Bitrefill Balance Card or in a Bitrefill Balance will not in any case be paid out in cash. Like any other gift card, it waits to be spent. However, unlike most gift cards, it doesn’t expire.
  • Geographical limitations – most products sold are geographically limited to certain countries. In these cases, you won’t be able to purchase from a country that is not allowed by a product’s restrictions.

For more information, please read our Bitrefill review.

Or try it for yourself and create your free Bitrefill account.

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Australia Crypto Exchange Crypto News Cryptocurrency Law Tokens

$100 Million Class Action Lawsuit Looms Against Aussie Crypto Qoin

Queensland-based Australian crypto dispute specialist law firm Salerno is preparing a A$100 million class-action suit against the issuers of Qoin, a controversial token promoted by the backers of Bartercard, a 30-year-old trading exchange based on the Gold Coast.

Salerno Law began collecting expressions of interest just a week ago, seeing more than 100 merchants, agents, consumers and other clients declare their intention to join the class action.

The firm says it is investigating potential breaches of the Corporations Act, the Australian Securities and Investments Commission (ASIC) Act, and Australian consumer law, including (as quoted):

  • misleading and deceptive conduct;
  • making false or misleading representations;
  • pyramid selling of financial products;
  • failure to comply with financial services obligations and consumer guarantees; and
  • fraud.

Bartercard Australia Directors Linked to Lawsuit

The lawsuit targets Southport-based BPS Financial Limited, controlled by co-directors Tony Wiese and Raj Pathak who also oversee Bartercard, a firm that allows businesses to exchange goods and services without direct cash payments.

BPS launched Qoin in late 2019 and claims to have more than 35,000 merchants signed up, along with 50,000-plus “wallet holders’’ who have acquired the digital product. It’s estimated that in excess of A$20 million worth of Qoin has been transacted since.

Qoin tokens can be swapped as a digital currency only via Block Trade Exchange Limited, aka the BTX Exchange, which is linked to BPS and has the same two directors, Wiese and Pathak. Critics allege this is a closed system that creates a potential conflict of interest.

According to Salerno’s website, “Qoin has entered into an exclusive trading arrangement with BTX Exchange which, according to its terms, limits users to one daily transaction with a $125 sell limit per day per person, subject to buyer demand.

It has been alleged by holders and merchants that they are either unable to accept Qoin payments or exchange the token for fiat currency due to the terms of BTX Exchange, leaving them with a token of no utility. For merchants, this is alleged to have caused a significant loss in revenue.

salernolaw.com.au

BPS Executive Denies Wrongdoing

Senior BPS executive Andrew Barker denies the company has done anything wrong and blames the impending lawsuit on a single disgruntled merchant. “We have reviewed the alleged potential grievances and consider them baseless,” the company stated on its own website. “We have received no direct communication and therefore have no further comment to make at this time.”

The threatened lawsuit follows Qoin’s expulsion earlier this year by Blockchain Australia (BCA), who in a statement in February asked for its name and logo to be removed from Qoin marketing material but did not provide details as to why.

Qoin’s issuers responded angrily that the timing of BCA’s statement “aligns with the emergence of false and misleading comments … made by certain antagonists on social media platforms, including a previous board member”. This was in reference to a former BCA director who had previously alleged in a tweet that Qoin was the nation’s “biggest crypto scam’’.

Qoin Clients Voice Concerns on TrustPilot

Consumer review website Trustpilot lists several more recent Qoin critics, among them former clients and representatives:

QOIN are basically worthless. Don’t believe me? Try selling some through BTX exchange as directed to by Qoin. BTX don’t want them either. Not many retailers accepting them in NSW. They wiped my wallet clear and kept my money after I complained. RUN a mile … and keep running.

Peter, Trustpilot.com reviews

Can’t cash out and the local “recruiter” was rude and forceful. His sales pitch was basically telling you to avoid paying tax by trading a dodgy QOIN you can’t sell.

Jackson, Trustpilot.com reviews

Absolutely a Ponzi scheme. Can’t sell. If you are lucky enough to it’s at half the value … Disgraceful they are allowed to continue operating in this country.

Jih, Trustpilot.com reviews

Crypto News urges Australian and New Zealand retailers and local businesses to stay vigilant and do your research before getting involved in any new ventures offering “free” cryptocurrency.

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Australia Bitcoin Ethereum Institutions Regulation

ASIC Gives Green Light to BTC and ETH Spot ETFs, First Expected Next Week

The Australian Securities and Investments Commission (ASIC) has finally given the green light to Bitcoin and Ethereum exchange-traded funds (ETF), allowing investment funds to launch their crypto ETFs by next week.

After a long period of industry consultation, ASIC released a set of guidelines for institutions keen to launch crypto exchange-traded products (ETPs). The paper also published guidelines that allow fund managers to launch ETFs under certain regulatory requirements.

Australian fund manager BetaShares will be the first to list an ETF on the Australian Securities Exchange on November 4. The fund will have the ticker “CRYP” and will allow investors to access a mixed set of crypto ventures, most of them focused on companies whose revenue is derived mainly from the cryptocurrency market.

We know there are millions of people around the world [invested in crypto], and close to 2 million Australians that have actually invested in cryptocurrency directly.

Alex Vynokur , CEO and co-founder, BetaShares

Among the regulatory requirements are that fund managers must appoint a custodian with expertise on cryptocurrencies and blockchain technology, and hold at least A$10 million in net tangible assets. They are also responsible and must compensate for any custodial assets lost.

As Crypto News Australia reported in August, one of the reasons crypto ETFs in Australia have been delayed so long is that ASIC was trying to solve how arrangements with custodians would work.

ASIC Recognises Institutional Interest in Australia But Leaves Altcoins Out

ASIC has signalled its intention to “recognise the interest in, and demand for, ETPs and other investment products that hold crypto-assets in Australia”. The new fund is expected to give the Australian crypto space a big boost as institutional adoption expands rapidly across the globe. The first US Bitcoin ETF debuted in mid-October, breaking record trading volumes of US$1 billion in just 24 hours, turning it into the country’s second-largest traded ETF fund.

However, altcoins were left out, with only Bitcoin and Ethereum ETFs permitted. These funds will allow investors to purchase contracts that track the price of both currencies without having direct exposure to either asset.

Talking about the benefits and risks of cryptocurrencies, ASIC commissioner Cathie Armour said:

Crypto-assets have unique characteristics and risks that must be considered by product issuers and market operators in meeting their existing regulatory obligations. The good practices we published provide practical examples of how these obligations may be met, in a way that maintains investor protections and Australia’s fair, orderly and transparent markets.

Cathie Armour, commissioner, ASIC
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Australia Crypto News Hackers Ransomware Regulation Scams

Australian Police Seize $1.6 Million of Cryptos Acquired Through Stolen Netflix Accounts

The Australian Federal Police (AFP), in collaboration with the US Federal Bureau of Investigation (FBI), has uncovered cryptos and cash to the value of A$1.66 million during an investigation of a convicted Sydney-based hacker. The man was arrested and subsequently ordered by the Supreme Court of New South Wales to forfeit the ill-gotten gains to the Commonwealth, according to the AFP.

Largest Commonwealth Forfeiture of Cryptocurrencies

Evan McMahon, 23, who was convicted earlier this year of selling stolen Netflix and Spotify subscriptions, has been ordered to hand over proceeds in the form of cryptocurrencies and cash to the value of A$1.66 million, of which A$1.2 million are cryptos – the largest forfeiture of cryptos to date in Australia.

The court was told McMahon conspired with US accomplice Samuel Joyner to steal the log-in details and passwords of streaming service customers, subsequently selling them online at a cheaper rate. McMahon pleaded guilty to various offences in October 2020 and was sentenced to two years and two months’ imprisonment in April 2021.

The investigation began in 2018 when the FBI passed on information to the AFP about an account generator website called WickedGen that sold stolen account details for online subscription services such as Netflix, Hulu and Spotify.

Following sentencing, the AFP-led Criminal Assets Confiscation Taskforce (CACT) obtained restraining orders over cryptos, PayPal and bank accounts held in false names, which were suspected to be controlled by McMahon.

Australia’s Home Affairs Minister Karen Andrews says the funds will be redistributed to support crime prevention, community safety-related initiatives, and law enforcement. Andrews added:

Good work by the AFP has seen a criminal stripped of their ill-gotten gains, and this money redirected to enhancing the safety and security of communities right around Australia.

Karen Andrews, Minister for Home Affairs

AFP Clamps Down on Cryptos

Many criminal organisations have turned to cryptos in an effort to hide their profits, but authorities are now moving to seize cryptos linked to illegal activities.

In the UK, police recently seized 48 bitcoin from a 16-year-old who ran an operation that scammed thousands of victims after extracting their personal details via a copycat website of gift voucher platform Love2Shop.

In Australia, the AFP has executed a series of an initiatives designed to decentralise organised criminal syndicates away from illegally obtained profits by confiscating cryptocurrencies, designer items, homes and luxury vehicles.

The government recently passed amendments to the Surveillance Legislation Bill, granting the AFP and Australian Criminal Intelligence Commission (ACIC) new powers to surveil, intercept data, and also alter data online.

The Australian government has also mapped out plans to permit the seizure of cryptos amid a 15 percent increase in ransomware attacks. The “Ransomware Action Plan”, released last month by the Department of Home Affairs, outlines several measures in an effort to deter and punish cybercriminals. Part of the plan includes confiscating illicit cryptos.

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Australia Blockchain Ethereum Gaming NFTs

Australia’s ‘Immutable X’ Inks Esports Deal to Enable Gasless NFTs

Immutable X, the Australian Ethereum Layer 2 scaling solution for non-fungible tokens (NFTs), has partnered with a leading esports company, ESL Gaming, to provide gas-free trading of ESL Pro Tour NFTs on its platform.

ESL Gaming has been a giant in the gaming industry since 2000, raising more than A$10.76 million in prizemoney for gamers and helping to push the industry forward to where it is today.

ESL Gaming NFT Platform

The partnership will result in ESL getting its own NFT platform running on Immutable X technology, giving Counter-Strike enthusiasts around the world the opportunity to buy, sell and exchange NFT assets within the CS:GO ESL Pro Tour.

The platform has 11 million members and in 2020 alone, content from the ecosystem’s tournaments was broadcast for a cumulative total of 265 million hours across the world, generating over 675 million social media impressions and 52 million social media views through ESL Pro Tour CS:GO events. With fans in more than 190 countries, all tournaments from ESL Pro Tour CS:GO combined generated over 905 million video plays in 17 languages, not including China.

The Immutable team has gaming in their DNA and we share the same vision for the future of NFTs. In combination with a deep passion for the community, this is the only way to forge meaningful innovation in the space.

Bernhard Mogk, SVP, global business development, ESL Gaming

Carbon-Neutral, Gasless NFTs

The partnership with Immutable X will ensure ESL is provided with the required scaling infrastructure, granting access to esports fans to carbon-neutral and gas-free minting and trading of NFTs. Users will also be able to trade on the platform with their minds at ease, since Immutable X’s secure protocol directly inherits the Layer 1 security of Ethereum. The solution is powered by StarkWare‘s innovative technology, offering instant trade confirmation and massive scalability of up to 9,000 transactions per second.

Immutable X has committed to offset any carbon footprint with its certified climate-conscious partners, Trace and Cool Effect, making every NFT on its Layer 2 100 percent carbon-neutral.

The future is full of NFTs and drops that unlock exclusive perks for their owners. Players and enthusiasts can look at ESL Gaming’s previous NFT drops here. With the increasing amount of NFTs being produced across the globe, Adobe Photoshop has added a new feature to help verify the authenticity of digital art pieces.

Immutable’s solution to carbon-neutral and gas-free trading of NFTs fits our needs perfectly, and we can’t wait to show fans what we’re building …

David Hiltscher, VP, fan value management and analytics, ESL Gaming
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Australia Blockchain Crypto News Regulation RMIT University Online

RMIT University Urges Australian Government to Reform Crypto Capital Gains Tax

Australia’s Royal Melbourne Institute of Technology (RMIT) University recently called on the federal government to provide more support for blockchain technology. Now, it is urging parliament to implement the reforms outlined by the Select Committee on Australia as a Technology and Financial Centre’s 12-point crypto reform plan.

‘An Opportunity to Take a Global Leadership Position’

In the world of blockchain education, RMIT is recognised as a heavy hitter, having recently ranked second in Coindesk’s index of global blockchain universities. Now, RMIT’s Blockchain Innovation Hub has implored federal parliament to adopt the Senate inquiry’s recommendations on the regulation of crypto assets to help attract jobs, investment and innovation in Australia.

We have an opportunity to take a global leadership position and compete with countries such as the US, Singapore and Switzerland in this incredibly vibrant sector … it is good to see our recommendations to change how cryptocurrency is taxed and how blockchain-based decentralised autonomous organisations are regulated being taken up by the Australian Senate.

Associate Professor Chris Berg, RMIT Blockchain Innovation Hub co-founder

RMIT academic Dr Elizabeth Morton, with concurrence from NSW Senator Andrew Bragg, noted that reforms relating to capital gains were particularly welcome:

We see an urgent need to ensure the tax system achieves balance in simplification, reflective of a digitally driven economy, encouraging tax compliance and protecting tax revenues from the risk of leakage. Reform will offer clarity for taxpayers and confidence in the tax system as a whole.

Dr Elizabeth Morton , RMIT University lecturer of taxation in the School of Accounting, Information Systems and Supply Chain

Committee Urged to Create DAO Company Structure for Australia

Commenting on the recommendations relating to changes to decentralised autonomous organisations (DAOs), RMIT’s Dr Aaron Lane noted it would encourage investment in Australia and represent some of the most significant changes in corporate law. Lane felt that “providing DAO members with the option of a limited liability company structure will encourage talent and investment in Australia”.

Ultimately, Lane saw the reforms in a broadly positive light, saying:

Blockchain and cryptocurrency is not just about providing new types of financial products – this technology is the infrastructure for new ways of governing economic exchange.

Dr Aaron Lane, lecturer in the Graduate School of Business and Law and a research fellow in the Blockchain Innovation Hub at RMIT University

While the crypto industry has been broadly supportive of the Senate inquiry’s recommendations, scepticism remains that parliament is unlikely to implement them. Time will tell.

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Australia Crypto Staking Zipmex

Aussie Crypto Company Zipmex Releases ZLaunch and Announces Yieldly

ZLaunch: A Token Reward Program for Zipmex Users and Launchpad for Token Creators.

Zipmex, Southeast Asia’s fastest-growing digital assets platform, is bringing further innovations to the crypto space with the release of ZLaunch – a platform that allows Zipmex users to stake the platform’s native token, Zipmex Token (ZMT), and in return, receive token rewards from participating ZLaunch token projects.

The first token project on ZLaunch is Sydney-based company Yieldly (YLDY), the world’s first and largest DeFi (decentralised finance) protocol built on the Algorand blockchain. Yieldly currently features 3 innovative products on Algorand: No-Loss Prize Games (ALGO and NFT rewards), Multi-asset Staking Pools, and Cross-chain Bridges.

ZLaunch connects Zipmex users to new token projects where they can receive new tokens as a reward for “staking” ZMT, or as Zipmex calls it – “locking” ZMT. While ZLaunch offers users the opportunity to receive token rewards over a flexible period of time, the platform also aims to further develop the digital asset ecosystem across APAC by boosting the visibility of participating projects and helping them acquire a large initial user base in the region.

ZLaunch is a platform that will reward participants in this program and provide the opportunity to use ZMT to receive new tokens. In addition, ZLaunch enables token projects to gain exposure and grow their initial user base. We look forward to working closely with projects to help market their project and to support the progress of their token through ZLaunch

Marcus Lim, CEO and Co-Founder, Zipmex

This new product launch marks a key milestone on the ZMT Roadmap and makes Zipmex one of the first regulated digital assets platforms in Australia and Southeast Asia to launch such an innovative token reward program.

About Zipmex

Zipmex is one of Asia-Pacific’s fastest-growing digital asset platforms and enables anyone with an internet connection to invest in a growing number of digital assets with its easy, safe, and secure platform.

Zipmex offers innovative, industry-leading products to nearly 1 million clients with over US$4 billion traded to date. Its mission is to give the next billion users access to new ways of building wealth. To enable its clients to do this, Zipmex continuously launches market-leading products such as ZipLock and ZipUp in addition to its crypto trading platform.

Zipmex targets clients and investors and constantly expands its network of individual, retail, and institutional clients and partners. By educating and exciting people about the possibilities of building digital wealth, Zipmex is well-positioned to lead the crypto boom for the next generation of digital wealth builders.

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Australia Crypto News Melbourne NFTs Victoria

Melbourne Cup Enters the Metaverse in Historic Deal with Digital Horse Racing Platform

First run in 1861, the Melbourne Cup is Australia’s most famous annual thoroughbred horse race, garnering an estimated viewership of 750 million people worldwide. Next week’s race will see the coming together of the old and new worlds following a deal between the Victoria Racing Club and local digital horse racing platform ZED RUN.

Horse Racing in the Metaverse

ZED RUN is a futuristic horse racing game built on the blockchain, where thousands of stable owners participate in more than 1,500 live races a day which are broadcast 24/7 to millions.

In July this year, Crypto News Australia reported that Australian-based digital horse racing start-up, Zed Run, had raised over US$20 million to “build the future of virtual entertainment“. Since then, the company has grown in leaps and bounds.

‘The Race That Stops a Nation’

Following its recent success in raising funds, ZED RUN is now joining forces with the Victoria Racing Club, the custodians of the Melbourne Cup carnival, where their famous Flemington racetrack will be featured on the blockchain. In celebration, there will be a virtual event at ZEN RUN HQ , held in the metaverse.

Think of it as a watch party, but instead of attending in person, attendees transport themselves to a virtual land called the ‘metaverse’ where they can gather together and enjoy the festivities.

Melbourne Cup ZED RUN

In the metaverse, users will have everything provided, from musical entertainment and livestreaming of the event to free ‘fashion in the metaverse’ and Birdcage-esque attire giveaways that attendees will be able to wear. Attendees can also, if they so choose, buy additional custom-made avatar wearables to further impress at the carnival party.

Metaverse carnival schedule. Source: Melbourne Cup ZED RUN

NFT Auction From October 30 

A rare collection of 10 nostalgic NFTs will become available by auction from October 30 to November 4. Some of the more valuable NFTs will include the most legendary races, together with real-world experiences. In addition, all 10 NFTs will include a pair of tickets to the 2022 Melbourne Cup and one Victoria Racing Club VIP experience.

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Australia Bitcoin Mining Blockchain Crypto News Cryptocurrencies

Byron Bay to Host Renewable Energy Bitcoin Mine, Despite ASX Listing Refusal

Australia’s easternmost beachside town of Byron Bay in northern NSW will be the site of the country’s largest bitcoin mine, powered by 100 percent renewable energy.

Digital infrastructure provider Mawson Infrastructure Group has partnered with Quinbrook Infrastructure Partners, a Gold Coast-based investment manager with a track record in renewable energy infrastructure in the US.

The initial 20MW site, set to go online by the end of this month, will allow crypto miner and digital assets manager Mawson, headquartered in Sydney with operations in the US and Australia, to establish a strategic nexus with Quinbrook.

Byron Set to Become a Hub of Blockchain Technology

Mawson will deploy a new generation Modular Data Centre (MDC) specifically designed for Australian conditions at the Byron Bay facility, which will add approximately 0.4 EH (exahash, a measure of computing power) to global operations. The company’s charter is to match energy infrastructure with next-generation mobile data centre solutions, enabling the proliferation of blockchain technology.

According to Mawson CEO and founder James Manning, the company seeks to identify renewable energy projects, specifically sustainable bitcoin mining, in the transition to a decarbonised society.

Quinbrook’s deep experience in energy and focus on ESG [environmental, social and governance] investment principles made this first project an obvious choice. Our partnership reflects our joint view that renewable energy will be key to future data centre infrastructure.

James Manning, CEO and founder, Mawson Infrastructure Group

Quinbrook’s current portfolio exceeds 17GW of onshore wind, solar PV, reserve peaking power, battery storage projects, grid support and infrastructure, virtual power plants and community energy networks across the US, UK and Australia.

The company manages the Cape Byron Infrastructure Fund, which owns and operates a portfolio of biomass power stations near Byron Bay township. The Mawson mine is co-located inside one Quinbrook facility, and has been amended to satisfy Australian workplace health and safety standards. These standards differ from those in the US, where Mawson operates cryptocurrency mines in Georgia and Pennsylvania.

The two partners have negotiated a profit-sharing arrangement after direct operating costs.

ASX Refused to List the Company

Mawson listed on the NASDAQ earlier this year after raising $US37 million (A$49.6 million) at a $1 billion valuation. At the time, after a 12-month battle to list with the Australian Securities Exchange, the company said it was “saddened” by the ASX’s refusal to allow cryptocurrency-exposed businesses to list locally.

We just couldn’t get any certainty from the ASX that they’d actually list us. We were getting feedback like, ‘we don’t like your industry, it’s not mature enough, we don’t know about the underlying product’.

James Manning, CEO and founder, Mawson Infrastructure Group

At the time of writing, Mawson – formerly Cosmos Capital – was trading at $US9.50 a share, with a market cap of $US655.51 million. In August, Mawson bought 17,352 bitcoin mining rigs from Chinese manufacturer Canaan Creative.

A month earlier, as also reported by Crypto News Australia, Mawson had acquired a 90 percent majority stake in US bitcoin mining facility Luna Squares, pushing its hash power beyond 12MW.