Japanese Internet Giant GMO Launches Bitcoin Mining Business

Japanese Internet leader GMO Group has announced today that it has launched a new cryptocurrency mining business through its European legal entity, as it aims to gain a better understanding of the virtual currency.

Also Read: Major Korean Crypto Exchange Upbit at Center of Regulatory Controversy

GMO Launches Bitcoin Mining Business

Japanese conglomerate GMO Group has introduced today a new cryptocurrency mining business that will use existing technology to mine from facilities (mining centers) in Northern Europe. The new business will gradually extend in phases, the company detailed in its announcement on December 20.

According to the company’s website, GMO Internet will use 7-nanometer(nm) process technology chips in the mining process, and is currently jointly working on research and development with their alliance partner who possesses the semiconductor design technology to develop high performance computers for mining (the mining board). The company plans to launch mining operations using “next-generation” mining boards in the first half of 2018.

Just a week ago, GMO offered to pay its approximately 4,700 employees partially in bitcoin as an effort to promote virtual currencies throughout the group. As for the reasons behind the new move, the company explained:

Entering cryptocurrency mining business will enable GMO Internet to support mining infrastructure of cryptocurrencies, which are the “new universal currencies,” by leveraging our accumulated know-how in Internet Infrastructure and Internet Finance.

More Players Getting into Mining

Tokyo-headquartered GMO Group comprises more than 60 companies in 10 countries. Its entry into the bitcoin mining sector is likely to be welcomed by those concerned about Bitmain’s dominance of the mining industry. Bitmain is the market leader for specialized mining hardware, including ASIC chips. It remains to be seen whether GMO Group can claim a substantial slice of the Chinese-dominated market.

The 7nm technology that GMO is working on is said to be four times more efficient than the current bitcoin mining industry standard. Diego Gutierrez, CEO of mining software developer RSK Labs, has previously professed that 7nm chips are the next generation of miners. He explained that other miners would surely follow and create their own 7nm chips if they are not already doing so.

Do you think Japan’s GMO can really impact the mining industry? Leave your comments below!

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