GMO launches its cryptoactive mining project in Europe

The leader in Internet services in Japan, GMO, announced the official launch of its own cryptoactive mining unit. This unit is located north of the European continent and is the first of several projects proposed by the Asian company to break through in the field of mining.

According to the official launch statement, GMO will use renewable energy sources and expects to expand its mining operations. In addition, they are working on the development of high performance hardware for this new work hand in hand with an allied partner whose name they did not specify at any time. The Japanese company and its anonymous ally will implement the use of a 7nm chip that promises greater energy consumption efficiency, which they will be using during the first half of 2018.
In addition, the announcement also confirmed GMO's intentions to develop a cloud mining service. For this, the company would sell excess processing power to its customers, who will have access to a percentage of the royalties from this activity. Its growth within this niche will allow the Asian giant to expand its list of services, although they clarify that it will be a step they have to take after having consolidated their main mining project.

Another of the plans of the Japanese company after its incursion in the cryptocurrency mining, is to start selling equipment designed for this activity. The first of the products that they plan to promote will be, of course, mining boards equipped with their latest generation chips.

The entry into the cryptocurrency mining business will allow GMO Internet to support the infrastructure of cryptocurrency mining, which are the "new universal currencies", taking advantage of our accumulated expertise on Internet infrastructure and internet for finance.

The announcement of the launch of this mining unit by the Asian company responds to a previous announcement in which they pointed out the investment of 320 million US dollars allocated to this project. In it, they already announced their intentions to use the 7nm chips, as well as their plans to enter the world of mining in the cloud and the sale of cryptocurrency mining equipment. In addition, they aimed to achieve a processing power of 500 petahashes per second.

We also remember that at the end of October, GMO reported the launch of an ICO to sell its mining equipment. In turn, he also works in a blockchain application of KYC policies for banks. In addition, another of the outstanding facts in reference to this company, is that at the beginning of this month they reported on a new payment scheme for their workers, who will be able to collect their salaries in bitcoins.