Today, Japan’s internet service giant GMO Internet Group has officially launched a new cryptocurrency mining business through its European legal entity.
It will continue running mining operations in Northern Europe for the time being, using the existing mining technology.
The firm has big plans for the future of its mining business. Apart from expanding the mining business, the firm will also introduce the 7 nm process technology chip to the mining process. GMO has partnered with the owner of this new technology and is working on development and integration into the high-performance mining boards.
It expects to roll out this new mining operation in the first half of 2018.
GMO first announced its intention to jump into the crypto mining business in September 2017. The firm also revealed its intention to operate a mining business in Northern Europe, leveraging the renewable energy and modern semiconductor chip technologies available in the region.
The official announcement reads: “The company operates its mining center utilizing plentiful renewable energy in Northern Europe, which has allowed us to achieve low power consumption. We are currently developing high-performance computers for mining with our alliance partner who possesses semiconductor design technology.”
It adds: “Through test operation 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.”
GMO Internet Group is aiming to become a leader in the blockchain and crypto space. The group currently owns numerous blockchain based businesses, including a cryptocurrency exchange and trading platform which operates in Japan. It also launched an open source blockchain project in September this year aiming to maintain medical records.
Earlier this week, a Bloomberg reporter revealed that GMO group is encouraging cryptocurrency ownership among its 4000+ employees, who will soon be able to withdraw part of their salaries in Bitcoin.