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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:   businessinsider.com.au

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

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


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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All companies listed on the Australian Securities Exchange ( ASX ) are ranked by market capitalisation. Exchange traded funds (ETFs) and Listed Investment Companies (LICs) are ignored. The top 200 ASX stocks that meet minimum volume and investment benchmarks then become

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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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All companies listed on the Australian Securities Exchange ( ASX ) are ranked by market capitalisation. Exchange traded funds (ETFs) and Listed Investment Companies (LICs) are ignored. The top 50 ASX stocks that meet minimum volume and investment benchmarks then become eligible

It is always exhilarating to watch an Australian tech company go from pre-launch to eventually listing on the ASX via an IPO. However, every so often a tech company comes along, such as Xero, that shines a bright light on the ASX listed tech scene.

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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The Australian Securities Exchange ( ASX , sometimes referred to outside Australia as the Sydney Stock Exchange) is Australia 's primary securities exchange.

“ Investors will appreciate that ‘block chain’ is a new technology and we are working with ASX to satisfy its request for additional information as part of the listing application process,” the email to investors said. In 2014 digitalBTC became the first bitcoin company to be listed on the ASX .

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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