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A Bitcoin miner is back on track to be the first on the ASX

Andrew Burton/Getty Images

Bitcoin Group is closer to becoming the world’s first cryptocurrency miner to float on a stock exchange.

The company today re-released its prospectus after having to withdraw the documents following questions from the ASX.

It is raising $20 million by issuing 20 cent shares, using most of the cash to buy new Bitcoin mining equipment. It is expected to list on the ASX on November 11.

The Bitcoin Group is an Australian-based pure play Bitcoin mining operator, currently producing 1.57% of the global mining output. It operates mining hardware in seven sites across China, Iceland and Australia.

According to the prospectus, the group expects to mine between 80,000 and 115,000 Bitcoins in the 2016 financial year.

Assuming the average Bitcoin price for 2016 is $347, Bitcoin group’s revenue is valued between $27.76 million and $39.91 million.

Miners gain Bitcoins by using computer power, competing with other miners by verifying Bitcoin transactions.

Bitcoins are increasingly being accepted by stores and there’s also a growing network of ATMs, as this chart shows:

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