GMO Group, a publicly listed Internet service provider in Japan, has officially kicked off its new cryptocurrency mining business in Northern Europe. From here on, according to the Japanese conglomerate, the new project will augment in phases.
The project aims to understand the nascent cryptocurrency space further, and introduce modern mining infrastructure. First announced in September 2017, it’s a joint venture with its European legal association. It will use 7-nanometer process technology chips in the mining process.
The Japanese IT firm plans to employ the semiconductor design technology its partner entity developed. It plans to launch “next-generation” mining boards using the cutting-edge mining chips in the first quarter of 2018.
GMO Aims to Rival Bitmain
Bitcoin’s value bubble has attracted many tech firms around the world to enter the mining business.
GMO indicated it would spend $3 million USD to begin bitcoin mining in 2018. The Group’s entry into the crypto mining business will have many proponents that are apprehensive about Bitmain Technologies’ dominance — Bitmain currently produces the most efficient bitcoin miner in the mining industry. Bitmain Technologies hardware confirms over 30 percent of transactions processed on the Bitcoin network.
Chinese companies have enjoyed dominance of the mining business for around eight years now. However, more and more companies are entering the mining scene as the industry develops.
GMO stated: “Entering the 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.”
Bitcoin Mining Using Renewable Energy
The media attention given to bitcoin mining has resulted in many environmental critics expressing their concerns over excessive energy consumption. Therefore, GMO’s mining operating center is designed to harness the abundant renewable energy in Northern Europe.
The company also claims to be the first cryptocurrency mining business based in Japan. Recently, it provided partial salaries to its employees in BTC. The move was mainly to promote the use of virtual currencies within the group. The company also runs a bitcoin exchange in Japan — where bitcoin has been legally acknowledged as a form of payment since April this year.
In the future, GMO Group plans to provide cloud mining services after it acquires operational experience in its European mining business. Additionally, it indicated it will sell next-generation mining hardware to the general public.
Will GMO Group’s entry break Bitmain’s dominance in the mining business? Let’s hear your thoughts.
Images via Pixabay, GMO