In December 2017, CHP appointed blockchain industry expert, Mike Cohen, to assist with blockchain and cryptocurrency investments. The company has since raised capital to invest AU$1m into blockchain loyalty and rewards platform operator, Reffind (ASX:RFN), and US$4m into US-based blockchain finance and trading platform, Securrency Inc.
CHP will be just the second ASX-listed company to move into crypto mining.
In January 2018, FatFish Internet Group’s (FFG) share price soared more than 20% after it announced a US$1 million investment into cryptocurrency mining startup APAC Mining Corp. APAC currently has operational mining sites across Malaysia.
It hasn’t, however, been smooth-sailing for crypto miners in 2018.
Following the recent cryptocurrency sell-down, there has been concern about mining profitability. Experts suggest the Bitcoin price for large-scale miners to break even is currently around US$8000.
Chapmans shares traded at 0.009 cents before the trading halt.
March 26, 2018. Micky.com.au
CHP Price at posting:
0.2¢ Sentiment: Buy Disclosure: Held