By: Bijan Datta,The Star News,Indonesia title Bitcoin mining company ‘buys up all the bitcoins’ article Indonesian mining company Orion has been purchasing up all of the bitcoins it sells and buying up all its customers as its profits are expected to exceed $50m by the end of next year.
Orion has announced it will buy up all bitcoins it currently holds and will start selling bitcoins to miners, who can then use them to buy products like fruit and vegetables.
Orions bitcoin mining business was set up in 2014 to mine bitcoins in Indonesia, but is now focusing on buying up bitcoins in the country as it tries to become the countrys first bitcoin mining company.
It was also the first bitcoin exchange to open in Indonesia.
The Orion mining company was set-up by former Indonesian President Susilo Bambang Yudhoyono in 2014 as a means to mine for bitcoin, and was expected to become Indonesias first online bitcoin exchange by 2018.
It started mining bitcoins in 2014 for $4 per bitcoin, but its mining operations have grown and now it mines for bitcoins worth more than $20bn.
In a press release on Monday, Orions chairman Dr Ruhman Yusofono said the company plans to acquire bitcoins as it has a clear strategy in the long run to become one of the top three bitcoin miners.
“The company plans on purchasing and mining bitcoin,” he said in the press release.
“We have bought up all those bitcoins that we own in Indonesia and will be opening up the market.”
Mr Yusofony said the bitcoins mined in Indonesia were worth about $100m in 2020, but it is likely that the bitcoin mining operations in Indonesia will grow and grow to over $50bn.
Orison’s CEO, Dr Ruyang Siyanto, said Orions mining operations are in Indonesia to mine the bitcoin that has been created.
“In the next year, Orion will be mining a lot of bitcoins in Jakarta and its mining capacity will be around 10,000 Bitcoins,” he told reporters in Jakarta.
“If we do the right calculations, we can have our own mining operation here.”
The company also said it is investing more than 10 million Indonesian rupiahs ($1.1m) into its Indonesian operations.
“We have already spent over 10 million rupie [$1.3m] in Indonesia,” Dr Rupiah said.
“That will grow to 15,000,000 rupi [$5.8m] over the next five years,” he added.
OrION was founded by former president Susilo Berardino Yudhwokono in 2003 and became one of Indonesias largest bitcoin mining companies in 2016.
It is the first Indonesian bitcoin mining operation to be licensed in Indonesia since the country’s bitcoin trading market opened in 2014.
According to Orions CEO, Ruyan Siyamo, the company is a small, independent mining operation.
“For us it is not a big business, we are not the biggest in Indonesia because we have a small business,” he explained.
“But we are the most important and we have the biggest market in Indonesia.”
Mr Siyako said Orion is working hard to secure contracts with miners to mine bitcoin in the coming months.
“Our biggest priority is to get our mining operations licensed in Jakarta,” he continued.
“There is a lot we want to do with Indonesia and its bitcoin miners, so we are working hard on that.”
The Orions bitcoin operation was launched in 2014 and was the first of its kind in Indonesia at the time.
In 2015, Orison’s founder Ruyen Siyambo, told Reuters he hoped to double the company’s mining capacity by the middle of this year.
“I have been working on this for 10 years, I’m a believer that we will have a very good future,” Mr Siyama said at the press conference.
“But it’s a very difficult environment.”
Dr Siyano added that Orions future is bright, but the current environment could prove challenging.
“This will be a very big project, there is a very high risk that there will be an explosion in the market, there will probably be a big price crash, it will be very hard to continue to build this,” he warned.