Macau (MNA) – According to Hong Kong company Forger Esports, anyone in Macau can start cryptocurrency mining operations by themselves or through companies, if a stable electricity supply network is available.
The company founder, Dennis Lau, held a seminar this Sunday in Macau in cooperation with local electronic sports association, Grow uP eSports, and with the event being held at the Macau Civil Servants Association (ATFPM) office.
Forger Esports is a Hong Kong company founded in 2008 and focused eSports and IT supplies, who has embarked in the cryptocurrency business in the third quarter of 2017.
According Mr. Lau, its operations are not funded by direct investment but by cryptocurrency mining operations, after it established a cryptocurrency mining centre in Hong Kong, named Forger CCMS.
Cryptocurrency mining is a process initially established by cryptocurrency Bitcoin, in which transactions are verified and registered in the public ledger technology known as block chain.
Mining operations are rewarded in cryptocurrency units from and according to Mr. Lau anyone with “stable technology, stable network connection and stable air conditioning” can start mining operations.
“Anyone can do it, if you have money and the technology start mining but there are not a lot of companies doing it […]. Normally people start doing it themselves to gather interest from mined cryptocurrencies. They’ll place a mine or a team of miners in their house balcony, but they won’t do it with systematic preparation,” he added.
Forger Esports stated during the event that it plans to developed 40 to 60 mining serves to produce a cryptocurrency value amount close to HK$200,000 per month – in currency values registered on January 14 – with the money raised used to fund its eSports business.
In order to avoid the impact high fluctuations in cryptocurrency’s value could cause to the operation’s income, Forger’s is currently “mining around 20 different cryptocurrencies”.
“This way if the value of a cryptocurrency such as Bitcoin falls we can switch to a different currency such as Ethereum,” Mr. Lau told MNA.
The value of cryptocurrency Bitcoin had dropped from a record value of US$19,850 in December of last year, to US$11,722 as of this Sunday.
According to Forger’s CEO, Dennis Lau, the cost of purchasing the hardware for mining can reach some HK$1 million, with some HK$50,000 expenses in electricity per month.
The company is now attempting to raise funds to expand its mining operations, offering fixed returns to investors.