GMO Internet Launches Cryptocurrency Mining Business
Smart PlanetGMO Internet announces that it has launched today a new cryptocurrency mining business through its European legal entity.
The cryptocurrency mining business will use existing technology to mine from facilities (mining centers) in Northern Europe. GMO Internet will increase the size of the operation in phases, expanding the business.
The company will use cutting-edge 7 nm*1 process technology chips in the mining process, and is currently jointly working on research and development with an alliance partner who possesses the semiconductor design technology necessary to realize high level computer performance for mining (the mining board). Next-generation mining boards equipped with these mining chips will be used in the mining process in the first half of 2018.
Entering 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.
The launch of cryptocurrency mining business
Cryptocurrency mining business requires computers enabling highly sophisticated and massive computation and also requires securing stable power supply to operate and cool the computers. 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. At the same time, we have been securing existing mining technology to be the first company to launch a cryptocurrency mining business in Japan.
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.
The company plans to launch mining operations using next-generation mining boards in the first half of 2018. Cutting-edge 7 nm process technology for chips will be used in the mining process, and we are currently jointly working on research and development with our alliance partner.
After the company has gained a certain level of operational experience, it will work on initiatives including provision of a cloud mining service and selling next-generation mining boards equipped with mining chips.