Fatfish Internet Group Ltd (ASX:FFG) has announced its 51% owned cryptocurrency mining company, APAC Mining Corp has secured a new industrial site in Montreal, Canada, that will be converted to a cryptocurrency mining operation.
In January 2018, Fatfish invested US$1,000,000 (approximately AU$1,339,000) of seed capital into APAC Mining Corp, a Singapore headquartered enterprise, established to invest and manage large-scale high-end computing facilities to conduct cryptocurrency mining.
This new cryptocurrency mining operation marks the entry of APAC’s expansion into the Quebec region of Canada.
Due to a strong supply of hydro-powered electricity, the region has one of the lowest energy rates in the world.
The new Quebec site will have a total energy capacity to power up to 700 cryptocurrency mining servers and will be the first for APAC in Montreal.
Once this first site is established and operational, APAC plans to secure more sites within the region.
Fatfish Internet Limited’s CEO Kin Wai Lau said the expansion is a significant step forward for APAC’s crypto mining operation.
“By setting up this facility in Montreal, APAC will ultilise some of the lowest energy rates in the world, which not only reduces operating costs, but makes the operation more environmentally friendly,” said Lau.
APAC currently mines Bitcoin, Ethereum, Dashcoin and Litecoin across 3 sites in Malaysia and it’s expected the site in Canada will be operational in 3 months.