Japan’s GMO reveals cryptocurrency mining details: $90 million budget

GMO, Japanese digital services firm has disclosed additional plans. It’s the forthcoming cryptocurrency mining and the $90 million budget backing it.

According to TechWave, Wednesday the presentation had held by the company last week on the plan following announcement. It was found in the 1990s and already operates its own cryptocurrency exchange. In the first half of 2018, says it begins mining, an energy intensive process by which new transactions adds to a blockchain.

In the presentation, GMO representatives says it would begin testing a new 7nm semiconductor chip by the spring. According to the demo, It has already spent $3 million out of a probable 10 billion yen. The primary fund has spent to kickstart the chip development as well as work on the facility itself, according to the report.

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Related Coverage: Japan’s GMO Internet reveals investment in bitcoin mining

GMO representative announces the datacenter, which will be erects in northern Europe. Last week, for the first time making a major internet company jump into the cryptocurrency mining market.

According to GMO President Masatoshi Kumagai:

“Besides mining at our company, we also plan to sell the mining board with the ‘cloud mining center’ [so] that anyone can participate in mining”.

GMO is not only the company to get comprise in cryptocurrency mining. Japanese e-commerce giant DMM announces they would also be getting intricate with the business. Therefore, they plan to begin testing in October and the full production enter by the end of 2017.

Read Next: Cryptocurrency fraud is rising in Japan: 33 Cases

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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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