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

Mark Zuckerberg Says Facebook to Look Into Cryptocurrency

  Mark Zuckerberg Says Facebook to Look Into Cryptocurrency Facebook Inc. Chief Executive Officer Mark Zuckerberg gave cryptocurrency enthusiasts a little optimism for the new year. Zuckerberg referenced cryptocurrencies in a posting Thursday in which he laid out how he will spend 2018 trying to correct persistent problems -— including the proliferation of hate speech and misinformation -— that have dogged his wildly popular social network for the past two years.“There are important counter-trends to this -- encryption and cryptocurrency -- that take power from centralized systems and put it back into people’s hands,” Zuckerberg wrote.

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.

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.

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.

Error News not found. We ’ re excited to announce that HitBTC will be the first exchange to list C20

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.

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, arguably the most popular and important site for cryptocurrency pricing data, opted to remove South Korean exchanges from its data sources.

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.

The Australian Tax Office Is Looking Into Your Bitcoin

  The Australian Tax Office Is Looking Into Your Bitcoin The Australian Taxation Office (ATO) is establishing a taskforce to monitor cryptocurrency transactions, according to a report in The Australian Financial Review. The taskforce aims to ensure cryptocurrency investors are paying the correct amount of tax.A team of specialists across tax law, technology, banking and finance will devise strategies to follow the money on gains made from investment in digital currency.“We are consulting with key stakeholders who have expressed an interest in tax issues relating to cryptocurrencies,” a spokesman for the ATO said.

My voted posts. My liked posts.

Our site is temporarily unavailable, but will be back online shortly. We appreciate your interest and hope you'll visit us again soon. Attention Webmaster To contact Globat about the status of this Web site, please call 1.877.245.6228 or login in for more information.

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.

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.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!