Fatfish Internet Group Ltd’s (ASX:FFG) 51%-owned APAC Mining Corp has secured a new industrial site in Montreal, Canada, that will be converted to a cryptocurrency mining operation.
APAC Mining currently mines Bitcoin, Ethereum, Dashcoin and Litecoin through its mining operations in Malaysia.
Mining cryptocurrencies is electricity-intensive and Montreal is located in a hydro-powered state with 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.
APAC plans to secure more sites with the region
Fatfish’s CEO Kin Wai Lau said: “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.
“Once we have this first site operational, we will plan for the expansion of APAC’s operations in the Quebec region through the establishment of additional crypto mining sites”
Focused on cryptocurrency, fintech and consumer internet
Fatfish partners with entrepreneurs and experienced executives to build and grow tech businesses via a co-entrepreneurship model.
It focuses on emerging global technology trends and specifically has been investing in the sectors of cryptocurrency, fintech and consumer internet technologies.
Fatfish operates from its international venture hubs located in Singapore, Kuala Lumpur and Stockholm.