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GMO Internet Group to enter Bitcoin mining sector utilizing 7nm chips

GMO Internet Group will look to apply its expertise and know-how of the internet infrastructure business to successfully mine bitcoin and help provide liquidity to its group bitcoin exchange company GMO Coin which has been in operation since May 2017.

GMO Internet Group, a Japan-based internet infrastructure services conglomerate today announced they will begin mining bitcoin utilizing next-generation 7-nanometer technology semiconductor chips. 7nm chips are designed to be much smaller and more power efficient. The mining operations are scheduled to start with 500PH/s in 1H of FY2018.

The soon to launch mining operation plans to achieve high margins and success through its power efficient and streamlined “next generation mining center.”

The Japanese enterprise knows full well that it is necessary to have computers and mining boards capable of enormous computation and processing capabilities while also maintaining efficient, stable electric power.

In order to realize a high-performance mining network, GMO will be setting up its “next generation mining center” in Northern Europe, where they have access to a plentiful supply of renewable energy, they can operate facilities which then can lessen costs by securing this clean and cheap electricity.

Mining Operation Future Developments (timing to be determined)

  • Cloud Mining Business – This service allows individuals and business operators to easily access mining. Cloud mining enables individuals and businesses for whom it is difficult to invest in and operate mining setups to participate. If the company’s “next generation” mining center succeeds, cloud mining coin yields will be realized from the small aggregate investment amounts of the cloud mining user base. GMO will distribute earned coins to users as received.
  • Sales of Next-Gen Mining Boards – GMO Internet plans to procure manufactured mining boards then equip them with specialized mining chips for resale.
  • Supply Mined Coins   – GMO Group is planning to supply mined bitcoin to group digital asset exchange company GMO Coin.
Source:GMO Internet
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