Japan’s Internet Giant GMO Launching Bitcoin Mining with 7nm Chips

GMO’s Venture into Mining Business
GMO Internet, Inc. announced on Thursday the launch of a bitcoin mining business, “utilizing the next-generation 7nm semiconductor chip.” The company wrote:Citing plentiful renewable energy in Northern Europe, the company says “we can operate facilities that reduce costs by procuring clean and cheap electricity.” The company plans to start mining with 50,000 chips to deliver a total hashpower of 500 petahashs per second (PH/s). This amount of hashpower would rank among the top-ten bitcoin mining pools today.We will operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe. We will use cutting-edge 7nm process technology for chips to be used in the mining process, and jointly work on its research and development and manufacturing with our alliance partner having semiconductor design technology.

By entering this project, GMO Internet will support the sound operation of bitcoin which is ‘the worldwide common currency’.
Mining Competition
GMO’s upcoming bitcoin mining facility will have racks, air conditioning, firefighting and security, GMO outlined, adding that power used will be renewable energy, namely geothermal and hydropower. Each mining hardware unit will have a performance of 10 TH/s with power consumption drawing only 500 W max, the company detailed.

Operations and Costs
In addition to operating the mining center, GMO’s mining business will offer cloud mining as well as the sale of its “next generation mining boards.” Mined cryptocurrencies including bitcoins will be supplied to the company’s bitcoin exchange, adding liquidity. The mining business is expected to be operational in the first half of 2018. As for the cost of establishing the mining center and hardware manufacturing including mining chips, the company wrote:The company added, “although the impact of this launch on the consolidated business performance for the year ending December 31, 2017 is insignificant, we believe this new business has high potential for increasing corporate value in the future.” What do you think of GMO starting a bitcoin mining operation? Let us know in the comments section below.We will not disclose the specific amount due to the non-disclosure agreement with our alliance partner, but it will be more than 10% of the consolidated noncurrent assets as of December 31, 2016 (¥3,489 million).
Images courtesy of Shutterstock, Bitmain, Canaan, and GMO
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