Japan’s GMO Internet Group is going into Bitcoin mining, starting 2018. The online services conglomerate announced today it would look to develop and produce 7nm chip technology, and set up a “next generation mining center” in northern Europe.
GMO believes Bitcoin can usher in a “new borderless economic zone”, by sending value anywhere instantly and reducing remittance costs. To enable Bitcoin to develop and spread, the company would contribute by mining to help secure a reliable network.
The firm also said it would launch a cloud mining business, sell the hardware it develops, and supply bitcoins to its digital currency subsidiary GMO Coin Co., Ltd. However it hasn’t yet decided when these commercial operations would start.
It revealed the approximate design concept for the mining operation is a 10 TH/s chip consuming 500W or less. The aim is to produce 50,000 chips for a total hashing power of 500 PH/s.
The northern European facility would run on renewable geothermal and hydroelectric energy. Although GMO didn’t specify which country would host the equipment, places like Sweden and Iceland have been popular bitcoin mining locations in the past. This is due mainly to naturally cold temperatures above the Arctic Circle, and ready availability of the power sources GMO described.
GMO’s History With Bitcoin and Digital Currency
GMO launched in 1995 and has expanded its scope to include online media and advertising, Internet security, and payments.
It has been involved with Bitcoin since 2014, when it partnered with Japanese exchange bitFlyer to cash out loyalty points in BTC.
In May 2017, it launched a digital currency FX and trading platform for the Japan market called Z.com Coin. In August 2017 it change the name to GMO Coin “to take advantage of GMO Internet Group’s brand and credibility”.
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