•   
  •   

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

Cryptocurrencies: a legitimate investment, or a risky gamble?

  Cryptocurrencies: a legitimate investment, or a risky gamble? Two experts give their side of the debate on Weekend TODAY.To debate the issue, cryptocurrency investor and advisor Ian Balina and CEO of online investment platform Stockpot Chris Brycki appeared on the Weekend TODAY show to battle it out.

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 .

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 .


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.

Australia shares seen edging up as oil prices firm; NZ up

  Australia shares seen edging up as oil prices firm; NZ up Australian shares are expected to recover from two straight sessions of falls on Friday, latching on to solid leads from Wall Street inspired by higher oil prices. Wall Street surged to record highs on Thursday on the back of rising oil prices and as investors bet on a strong U.S. corporate earnings season. Oil settled at three-year highs on signs that global inventories were tightening. [.N] [O/R]The local share price index futures (YAPcm1) rose 0.3 percent or 17 points to 6,030, a 37.6-point discount to the underlying S&P/ASX 200 index (.AXJO) close. The benchmark fell 0.5 percent on Thursday.

The ultimate list of 101 Australian tech companies . Adelaide (2 Startups). The first hires will be in Australia ; then they will look to expand their sales capability in SE Asia, USA, UK and Europe. The industries serviced has grown to include mining , transportation, oil & gas, food processing, chemical

FILE PHOTO - An investor looks at a board displaying stock prices at the Australian Securities Exchange ( ASX ) in Sydney, Australia , July 17, 2017. The market operator’s decision is a win for the young technology company led by Blythe Masters, a former senior JPMorgan banker.

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.

Bitcoin Miners Are Shifting Outside China Amid Clampdown

  Bitcoin Miners Are Shifting Outside China Amid Clampdown As China’s crackdown on cryptocurrencies broadens to bitcoin miners, some of the industry’s biggest players are shifting operations overseas. Bitmain, which runs China’s two largest bitcoin-mining collectives, is setting up regional headquarters in Singapore and now has mining operations in the U.S. and Canada, Wu Jihan, the company’s co-founder, said in an interview. BTC.Top, the third-biggest mining pool, is opening a facility in Canada and ViaBTC, ranked No. 4, has operations in Iceland and America, their founders said.

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, Bitcoin is created or “ mined ” with high-powered computers and special software used to solve math problems.

Australian bourse becomes first big exchange to commit to the technology . US Companies . BoJ intervenes for third time as investors eye policy meeting. The participants must comply with regulation, according to the ASX , which said its system had nothing to do with blockchain technology deployed by cryptocurrencies such as bitcoin.

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.

Here's why cryptocurrencies just got smoked

  Here's why cryptocurrencies just got smoked A data adjustment by CoinMarketCap caused cryptocurrency prices to drop in Monday trade. Prices of the world's largest cryptocurrencies appeared to take some major hits yesterday after CoinMarketCap.com, arguably the most popular and important site for cryptocurrency pricing data, opted to remove South Korean exchanges from its data sources.

The technology underlying cryptocurrencies – called Blockchain technology – has the Unlock my step by step guide that outlines how to invest in cryptocurrencies (including alt coins) Understand how to identify the best cryptocurrency exchange to start investing with

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. Yojee ( ASX :YOJ) does blockchain logistics in Asia and Australia .

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.


How to make sense of Canva's $1 billion valuation .
Canva's ascension to 'unicorn' status is shining a light on the murky, misunderstood world of start-up funding.Unicorns are mythical creatures. Both in the ancient literature sense - and in the billion-dollar start-up sense.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!