Money This Australian tech investor will be the first ASX-listed company to mine cryptocurrencies

01:18  12 january  2018
01:18  12 january  2018 Source:   Business Insider Australia

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Fatfish Internet Group will become the first ASX - listed company to “ mine ” cryptocurrencies such as Bitcoin. Singaporean tech investor Fatfish is sinking $US1 million (.28 million) into a new Malaysia data centre set up to mine cryptocurrencies .

DigitalX ( ASX :DCC) is Australia ’s only listed cryptocurrency exchange, and is still hoping to do its Bitcoin ATM deal with Stargroup — if that company ’s subsidiaries survive receivership. BitFunds to float first ASX crypto futures company .

a man standing next to a body of water© Provided by Business Insider Inc Unlike fiat currency which is issued by a central bank, Bitcoin is created or “mined” with high-powered computers and special software used to solve math problems.

Singaporean tech investor Fatfish is sinking $US1 million ($1.28 million) into a new Malaysia data centre set up to mine cryptocurrencies. It will start operation in two weeks.

Fatfish (ASX:FFG) would own 51 per cent of the business and receive its profits in cryptocurrency, said CEO Kin Wai Lau.

Fatfish was initially approached three months ago to invest in the business but only became interested after Bitcoin values surged in December, Mr Lau told Stockhead.

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Word, article or author Company name, symbol A mine , a project Gold bullion Silver bullion. Projets, properties and mines . Production. Technical Analysys Tools. Latest Discoveries. Mining Stocks newsflow.

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Bitcoin almost doubled in price to more than $US19,000 in December and now sits at about $14,000 — though the price fluctuates wildly.

“In the last two months there was a major upwards revision of Aussie cryptocurrency prices and that made the business look a lot more lucrative than it did a few months back,” Mr Lau said.

So far no other listed companies in Australia have ventured into the volatile — and expensive — space of crypto mining.

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7 Dec 2017 The Australian Securities Exchange (ASX) has become the first major bourse to announce the adoption of blockchain technology —the same kind of tech that underpins the bitcoin cryptocurrency —to record This will be the company 's third attempt at an ASX listing .

Building the First ASX Listed Cryptocurrency Exchange. This Wimobilize Big Data technology powered e-commerce ecosystem will provide the next generation innovative trading platform for distributing the Company ’s Australian wine, organic honey and honeycomb.

In the US however, NASDAQ-listed miners abound such as Purio, Nodechain and MX Gold.

Fastfish shares closed up 28 per cent on the news to hit 10.5c, close to its 52-week high of 11.5c.

a close up of a map© Provided by Business Insider Inc Crypto miner APAC Mining is headquartered in Singapore but is associated with a Malaysian business called EPS.

It will initially have enough computing power to mine 150 Bitcash coins a month. At current prices that volume of Bitcash would be worth $371,850 a month.

APAC Mining will reserve about half of the capacity at its two locations for its own mining business.

Mr Lau says the business will reassess which currency to mine every 48 hours, and the Fatfish take will be sold via exchanges like their new platform Kyrptos-X.

It will sell the remaining capacity to outside miners, charging fees of 20 to 40 per cent of the value of the cryptocurrency mined rather than a flat rate.

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Mr Lau expects to make a 100 per cent return on investment each year from APAC.

Kuala Lumpur in Malaysia is the locations for the two initial sites, where energy prices are low and the company was able to negotiate preferential tariffs. Mongolia is the next location.
APAC Mining will be deploying computing facilities capable of “Hashpower” of up to 4,500 Trillion Hashes per second.

Hashpower refers to the computing ability to mine cryptocurrency.

Cryptocurrency mining is an energy-intensive process, where computing power is used to calculate a complex mathematical solution to confirm transactions made on a blockchain network.

Miners who complete the solution first earn a transaction fee — usually the blockchain’s own token. Bitcoin is the most famous blockchain token that can be earned, while others include Ripple and Dogecoin, which was originally built as a joke token.

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Ledger raises $US75 million from Draper Espirit, FirstMark Capital, Cathay Innovations, and Korelya Capital. The Paris-based company makes hardware for your to store cryptocurrencies offline with. LONDON - Venture capital fund Draper Espirit has led a $US75 million (£54 million; €61 million) investment round into cryptocurrency storage company Ledger.Paris-based Ledger makes so-called "cold storage" devices for cryptocurrencies, allowing people to store their digital assets on offline hardware away from the reach of hackers.

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