Japan’s GMO Internet Launches Crypto Mining Business

The group is also planning to introduce new semiconductor technology-based mining in the first half of 2018.

Today, Japan’s internet service giant GMO Internet Group has officially launched a new cryptocurrency mining business through its European legal entity.

It will continue running mining operations in Northern Europe for the time being, using the existing mining technology.

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The firm has big plans for the future of its mining business. Apart from expanding the mining business, the firm will also introduce the 7 nm process technology chip to the mining process. GMO has partnered with the owner of this new technology and is working on development and integration into the high-performance mining boards.

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It expects to roll out this new mining operation in the first half of 2018.

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GMO first announced its intention to jump into the crypto mining business in September 2017. The firm also revealed its intention to operate a mining business in Northern Europe, leveraging the renewable energy and modern semiconductor chip technologies available in the region.

The official announcement reads: “The company operates its mining center utilizing plentiful renewable energy in Northern Europe, which has allowed us to achieve low power consumption. We are currently developing high-performance computers for mining with our alliance partner who possesses semiconductor design technology.”

It adds: “Through test operation using current technology, we confirmed that a certain level of profitability could be secured, and therefore GMO Internet officially decided to launch the cryptocurrency mining business.”

GMO Internet Group is aiming to become a leader in the blockchain and crypto space. The group currently owns numerous blockchain based businesses, including a cryptocurrency exchange and trading platform which operates in Japan. It also launched an open source blockchain project in September this year aiming to maintain medical records.

Earlier this week, a Bloomberg reporter revealed that GMO group is encouraging cryptocurrency ownership among its 4000+ employees, who will soon be able to withdraw part of their salaries in Bitcoin.

 

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