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Bitcoin Group has reissued its prospectus for the second time in the year-long bid to become the world’s first listed cryptocurrency miner.

The third prospectus has been issued to allow time for the company to “respond to issues raised by ASIC”. The commission had requested an independent expert be appointed to report on the bitcoin mining process and the details of the “bitcoin mining equation” in the second prospectus.

ASIC is concerned about “how the Bitcoin industry operates, the variables underpinning the Bitcoin Mining Equation… and its impact on BCG, and information setting out future performance of BCG…” according to the third prospectus.

The IPO has been delayed until the new year to ensure time for an expert to analyse the company and report to ASIC.

Bitcoin Group is an Australian-based pure play miner, producing over 1.57% of the global mining output. It operates across China, Iceland and Australia.

According to the first prospectus, the group expected to mine between 80,000 and 115,000 Bitcoins in the 2016 financial year. At the current bitcoin price of $447 AUD, the group’s revenue would be between $35.76 million and $51.41 million.

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

However, there are several questions over Bitcoin mining as a business. As time progresses, the calculations required to mine Bitcoins are getting harder and so costs are increasing. Further, there is a finite amount of bitcoins that can ever be mined – posing questions about a long-term business model.

The closing date for Bitcoin Group shares has been moved to the 8th of January, 2016. The new settlement date will be the 13th of January, with the shares expected to list on the 20th of January.

Investors who have already applied for shares have the opportunity to withdraw and receive a full refund.

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