Hello Pal International (HP.C) has started mining cryptocurrency in Australia.
Hello Pal is kind of a weird beast in that they have two completely disconnected verticals out of left field. First they have their cryptocurrency angle—merge mining litecoin and dogecoin—this time out of Victoria, Australia with a hashrate of 9,500 megahash per second. And they’re a tech company with an educational suite of mobile applications focusing on social interaction, language acquisition and travel.
Three quarters of the company’s 100 mining rigs located in Victoria are owned by the company’s subsidiary, Cpal Technology, and the remaining are owned by Hello Pal Asia.
“We are excited for our mining operations to resume again, and pleased that we have been able to diversify the location of our rigs with this Australian mining facility. We look forward to the remaining 300 mining rigs in North America to also commence operations soon,” said KL Wong, founder and chairman of the company.
The Australian data centre can house up to 20,000 mining rigs giving Hello Pal enough room to expand its mining capacities considerably in the future. What else is curious about this company, beyond the strange disconnected verticals, is their choice of coins.
Dogecoin has a fair amount of popularity, but in terms of value, one has to wonder what they get out of it. Litecoin is a first generation crypto built on Bitcoin’s core code but with some slight alterations. Both are Proof-of-Work coins, but not necessarily big enough to be energy inefficient, but it’s their price action that’s most curious. Dogecoin’s at roughly $.14 and Litecoin’s at $112 at the time of writing.
A single block of Dogecoin has a 10,000 DOGE reward and takes a minute to mine. Litecoin spits out 12.5 coins every 2.5 minutes. Both of these coins are still regularly mined by amateurs on home computers (and ASICs at home in the case of Doge), which means that an industrial scale operation like Hello Pal’s should theoretically produce a higher yield because the competition isn’t so steep like it is with BTC and other higher ranked alts.
A bit strange but they may be onto something.
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