Japanese Internet Giant GMO to Enter Bitcoin Mining

Rage Comment : Japanese Internet giant GMO recently announced that it will enter the field of Bitcoin mining. It is currently working with other companies to develop 7nm ASIC chips, aiming to reduce mining power consumption and improve the computing performance of mining machines. Its ultimate goal is to start selling this next-generation mining motherboard using 7nm chips next year, promoting the development of the mining industry while striving for profit opportunities for itself.

Translation: Ina

GMO Internet, a well-known Japanese company, announced on Wednesday that it will start a bitcoin mining business and carry out related activities next year, selling its own next-generation mining motherboards.

The sale of its mining motherboard will be conducted by issuing tokens. Although there are no specific regulations in Japan that specifically regulate such activities, some existing regulations may apply to token sales, such as the Securities Act, because some tokens used for sales may be classified as securities. GMO has stated in a statement that it will appropriately consider the regulations that may apply to it under the current legal system, such as the Funds Settlement Act and the Financial Instruments and Exchange Act. The company said it will pay attention to safeguarding the interests of token buyers and stakeholders when designing token sales activities.

At the end of September, GMO’s bitcoin trading subsidiary GMO Coin became one of 11 bitcoin exchanges to receive a license from the Japanese Financial Services Agency.

GMO’s Bitcoin Mining Operation

GMO is currently working with companies with semiconductor design technology to develop 7nm ASIC chips. The project was first announced in September. According to GMO Group President Masahiro Kumagai, the company plans to invest 10 billion yen in the mining business and the research and development of 7nm, 5nm and 3.5nm mining chips in the next few years.

In addition to operating a mining center in Northern Europe, the company will also launch a cloud mining business and sell mining motherboards using 7nm mining chips.

“Using this motherboard, mining speeds can reach 8 terahash per second, and the power consumption is only 300 watts.”

GMO said in its announcement on Wednesday:

“Compared to existing mining machines with the same performance, our product can reduce power consumption and achieve a computing performance of 10TH/s per chip.”

“We will fully launch Bitcoin mining operations by December 31, 2017 using the mining machines that have been developed.”

GMO’s announcement emphasized that “after launching the Bitcoin mining business, we will also sell our own next-generation mining motherboards.”