Home Listed Tech Fatfish invests $1.3m in cryptocurrency miner

Fatfish invests $1.3m in cryptocurrency miner

ASX-listed "Internet ventures investment and development firm" Fatfish Internet Group has committed to paying US$1 million for a 51% stake in Singapore-based start-up, APAC Mining.

APAC Mining is being set up to invest in and manage large-scale high-end computing facilities in Asia to conduct cryptocurrency mining, according to Fatfish officials.

The first such facility will be in Malaysia, where there is a relatively low electricity tariff for industrial use.

APAC Mining proposes an active management strategy involving the mining of popular and well-traded cryptographic tokens such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero and ZCash.

The investment will allow Fatfish to appoint two directors to the APAC Mining board. They will be group chief executive Kin Wai Lau and director of crypto financial markets, Phillip Lord.

The transaction is intended to be funded from Fatfish's existing cash reserves.

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.