How do I get my money out?
The most common way is by buying gold and silver in Australia, but there are other ways.
Gold and silver prices are influenced by geopolitical events.
And so it is always a gamble, with high-risk, high-reward situations.
Gold prices tend to be in a downward spiral and sometimes even negative, as the US and other big countries such as China push their economies to the limit, said James Smith, managing director of the Sydney-based Goldcorp Gold Mining & Commodities, which owns a majority stake in NiceHash.
The company said its latest gold mining contract with NiceHash, which began in February, saw the company receive a $2.6 million payment in January and another $2 million in January-March.
“The most common outcome of this is a lower return on investment,” Mr Smith said.
“You’re getting an upside of $2 or $3 per ounce for the gold mining company, and that’s what you want.”
Another way to get money out is through the Australian dollar.
The US and some other countries have imposed tight restrictions on the value of the Australian currency, which is used to purchase a wide range of goods and services, including luxury goods.
It’s been on a downward slide for a number of years, falling from an all-time high of US$1.12 in February.
Goldcorps Gold Mining has been buying gold from China, which has been dumping its yuan currency in a bid to increase its exports.
It has also been buying from Japan, which had been dumping the yen in a similar bid to boost its exports, and from Australia, which was selling to China in a move to boost the economy.
“We have been buying at a loss for the past few years,” Mr Mitchell said.
This year, Mr Mitchell and Mr Smith are buying $2,500 worth of gold at NiceHash in a month.
Mr Mitchell is looking to diversify his portfolio.
“It’s not just for the money,” he said.
A big chunk of the company’s profits come from the mining of gold, which it sells at a higher price than the gold it mines, he said, adding that the gold is the primary reason for his firm’s strong financial position.
Mr Smith is also looking to buy a piece of NiceHash and sell it.
“If I were to sell it, it’s a huge chunk of profit for me,” he joked.
The firm also has a mining company in South Africa, which Mr Mitchell has also bought.
“I would like to buy another one of them,” he laughed.
“But I have no idea what the market is like.”