Japan’s GMO Internet reveals investment in bitcoin mining

GMO Internet – based in Tokyo announcing investment in cryptocurrency mining

GMO Internet – The Japanese firm which is based in Tokyo has now released up launching of new cryptocurrency mining business. It was involved in web hosting and domain registration service. And today announced that it is planning to spend more than $320 million to begin bitcoin mining in the first half of coming year.
The Firm stated that bitcoin will evolve into “universal currencies” that results towards creating “borderless economic zone”.

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According to statement from GMO – they are planning to proposed their own mining chips and if it successfully introduced, this would be a trendy among blockchain industry. However, the proposed chips will be using 7 nanometer nodes. This will accounts for 4 times energy more efficient than the present industry standard 16 nm nodes. Furthermore, the company says it will move selling hardware to third parties.

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Related coverage: Cryptocurrency fraud is rising in Japan: 33 Cases

Company is specifically using 7nm nodes- it is because once 7nm nodes are in use, miners has to upgrade it to stay in the game. “It is clearly the next generation of miners,” as said by Diego Guiterrez. He is Chief executive of RSK Labs – which develops software for miners.

The firm announcement of investing in cryptocurrency mining will release the fear of bitcoin miner’s dependency on Chinese chip designers and operators.

Image source: Catchthecoin

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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