"Bitcoin Group" Fiat Mining IPO ~70% Under Goal

Australia based Bitcoin Group, a Bitcoin mining firm based on fiat principles, raised substantially less money than their goal in an initial public offering. The firm raised $5.9 million Australian dollars out of a $20 million Australian dollar goal. Their plan if they raised the goal amount was to spend $18 million Australian dollars on Bitcoin mining equipment and facilities with the remaining $2 million to be spend on "general corporate" expenses. The firm claims to have existing mining equipment in China and Iceland. Bitcoin Group's attempts to IPO were held up several times by the Australian Securities and Investments Commission. As with many other ventures which have made the transition from Bitcoin to fiat there are outstanding concerns and rumors around the firm soliciting investment directly from Chinese Bitcoin users before initially registering as an Australian company.

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