FatFish Internet Group (ASX:FFG) says its cryptocurrency mining operation remains ‘viable’ at current Bitcoin prices.
The ASX-listed company today confirmed its 51% owned crypto mining company, APAC Mining Corp, has rebranded as ‘Minerium Technology Limited’ and will push ahead with expansion plans over the next three months.
The rebranding has been undertaken to better position the business to target retail crypto mining investors.
Minerium has developed a managed investment model, allowing individuals to own their own bitcoin mining rig.
In an ASX statement, FatFish said Minerium is planning to undertake a fundraising exercise to fund a capacity expansion over the next 3 months.
“Minerium’s business is currently progressing well and its mining operation remains viable at current bitcoin prices.
“Minerium’s long term objective is to become a global leading crypto-mining company by setting up large scale computing facilities with up to 100,000 crypto mining rigs.”
FatFish Internet Group invested AU$1,339,000 of seed capital into the crypto mining company in January 2018.
It currently operates crypto mining facilities in Malaysia and has plans to open additional facilities in Canada and Mongolia.
In July FatFish announced it was seeking to list APAC Mining on the London Stock Exchange. The process is understood to be continuing.