It had been reported earlier that GMO Internet Co., Ltd, a Japanese technology company, plans to launch a cryptocurrency mining business soon. It is now evident that GMO has delivered on its word by unveiling its new venture through a release on its website.
Keeping true to promises and stated objectives
As planned by the company earlier, its new cryptocurrency mining business has been launched through its European entity and is based in Northern Europe (a specific location wasn’t mentioned by the company).
According to its previous statements, the company will also use “cutting-edge 7 nanometer process technology for chips” in the mining process.
It was further explained that once the company has had a “certain level of operation experience”, it will work on its planned initiatives including a cloud mining service and the sale of next-generation mining boards that are equipped with mining chips.
Plans for the future
It was mentioned in the official release that GMO’s cryptocurrency mining business will be utilizing existing technologies to mine for now. The company then plans to keep expanding the business in what it termed as “phases”.
Talking about the “7 nm process technology chips” again, the company stated that it plans to use it in the mining process. In addition to that, the company is currently collaborating with an alliance partner who possesses the semiconductor design technology that is necessary to deliver a high-level computer performance for mining via (the mining board).
The company further stated that next-generation mining boards equipped with these mining chips will be utilized in the mining process in the first half of 2018.
GMO further mentioned that this business will help in further supporting mining infrastructure of cryptocurrencies, which, according to the company, are the “new universal currencies.”
The company was confident in stating that it will use its considerable knowledge and experience in Internet Infrastructure and Internet Finance in order to further supplement the Bitcoin and cryptocurrency industry.
The company provided reassurances that it understands what it is doing
GMO affirmed its knowledge of the business model by stating that it is aware how an operation of this capacity requires highly sophisticated and powerful computers along with the assurance of a stable power supply in order to operate and cool the machines.
After presenting these points, GMO provided answers to them as well by mentioning that it has been securing existing mining technology lately in order to be the first company in Japan to launch a cryptocurrency mining business. It then reiterated that it is also currently developing high-performance computers for mining with its alliance partner for semiconductor design technology.
The company also elaborated on another aspect of the project.
“Through test operations 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.”
As for power source, GMO assured that it operates its mining center in Northern Europe with “plentiful renewable energy.” It further stated that this has also opened doors for low power consumption.
This is one of many cryptocurrency-based decisions by the company
GMO, a company established since the early 1990s, has recently shown its interest in making its mark in the cryptocurrency world.
A provider of Internet-based services, GMO made its way into the cryptocurrency industry by opening an exchange in May 2017.
In addition to announcing its intentions for this cryptocurrency mining business back in September 2017, the company had recently disclosed its plans to adapt cryptocurrency in its day to day operations by introducing a Bitcoin-related payroll system. In October 2017, it had also mentioned its strategy to venture into initial coin offerings (ICOs).