Eagle, Idaho (June 21, 2021) – TRON Group, Inc. (OTC: TGRP), a global holding company specializing in technology investments, announced today the acquisition of a cryptocurrency mining operation in Bangkok, Thailand. The acquisition includes an established Filecoin and Bitcoin mining infrastructure network with sufficient broadband to accommodate a large-scale cryptocurrency mining operation.
Mr. Jacob Nguyen, CEO of TRON, stated, “Our Board of Directors decided on the Thailand acquisition for several reasons that can be of strong value for our shareholders. First, we believe in the ascendance of Filecoin (FIL) as a credible long-term cryptocurrency. Filecoin offers a decentralized storage method through which users offer up their unused hard drive space to store data, which can be retrieved locally at lightning-fast speeds. It is a direct, more secure, cheaper, and faster alternative to centralized data cloud storage companies such as Amazon’s (NASDAQ: AMZN) S3, Google/Alphabet’s (NASDAQ: GOOG and GOOGL) Google Cloud, and Microsoft’s (NASDAQ: MSFT) Azure.
These Big Three have a market cap of around US$1.5 Trillion and, combined, store an aggregate of less than a Zettabyte of global data. A consortium of Filecoin leaders, called the IPFS Union, recently announced a US$1.3 Billion investment in Filecoin mining infrastructure that they believe can add over a Zettabyte of storage capacity for global usage. Since FIL is decentralized, storage prices are agreed upon directly between buyers and sellers, with some deals being as little as 3% the cost of using AWS. TRON believes there is massive potential for market disruption in the cloud storage space and we aren’t the only ones; Filecoin’s Initial Coin Offering (ICO) in 2017 raised over $250 Million in investments from the likes of Sequoia Capital, Andreesen Horowitz, Y Combinator, Naval Ravikant, and Winklevoss Capital.
Second, Thailand is a growing geographic market for cryptocurrency mining. There is a young and tech-savvy population and the cost of electricity is low, the equivalent of US$0.121/kWh for businesses which includes all components of the electricity bill such as the cost of power, distribution and taxes (compared to US rates of US$3.751/kWh within the continental US). The Bangkok facility’s three-story leased building has sufficient space for a full mining operation of both Filecoin and Bitcoin, a full warehouse, and offices. Along with the Filecoin operation, there are fifty Bitcoin mining machines to start a full bitcoin mining farm to augment the FIL operation. We look forward to rapid business expansion of our footprint in the Thai cryptocurrency market space.”
About TRON Group Inc.
TRON Group Inc. is a holding company acquiring operating companies and assets in growing industries. The company’s intent is to grow them by providing management and technical support under its public company umbrella.
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Jacob Nguyen, CEO
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