Japanese internet and technology conglomerate GMO Internet Co has kicked off its cryptocurrency mining venture in Northern Europe.
First revealed in September, Tokyo-based GMO Internet announced its intention to invest over $3 million toward a bitcoin mining operation in the first half of 2018.
The cryptocurrency mining business will use existing technology to mine from facilities (mining centers) and will increase the size of the operation in phases, expanding the business.
The company will use cutting-edge 7-nm 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 their accumulated know-how in Internet Infrastructure and Internet Finance.
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 them to achieve low power consumption. GMO Internet are also currently developing high performance computers for mining with their alliance partner who possesses semiconductor design technology. At the same time, GMO Internet 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, the company has confirmed that a certain level of profitability could be secured, and therefore GMO Internet officially decided to launch the cryptocurrency mining business.
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.
True to its word of recognizing cryptocurrencies as the “new universal currencies”, GMO is among the earliest companies to process salaries to some 4,710 full-time employees, in bitcoin.