Japan's GMO Internet Reveals Cryptocurrency Mining Plan

GMO Japanese well known internet firm recently announced the launch of new crypto currency business

Image credit GMO website

GMO started his business in early 1990, first intered the cryptocurrency space with opening of an exchange in May. GMO is recently offering web hosting and other many digital services, recently announced that its expanding his business with mining operation which will commencing in the first half of 2018.

''According to statements from GMO, the mining facility is set to be based somewhere in northern Europe and will produce as much as 500 petahashes per second (PH/s). Currently, the bitcoin network hashrate is approximately 5.68 exahashes per second (EH/s).It's a notable launch, given that GMO is an established digital services firm with a publicly listed stock.GMO said also that it plans to "research and develop semiconductor chips (mining chips) utilizing state-of-the-art 7nm process technology," working with as-yet-unnamed partners on the venture. Additionally, the firm indicated that it may move to sell the hardware it creates to third parties.''

GMO is also have plan to start cloud mining services, in which customers can buy easily certain amount of hashrate over a period of time to potentially earn bitcoin.
GMO has plans to using the mining services to support its cryptocurrency exchange with the coins generated being used to provide liquidity for its marketplace.

GMO.Cryptocurrency mining is the energy intensive process by which new transactions are added to a blockchain, creating new coins as a reward in the process.

It seems cryto market will go very high inn future, and this is best time to invest in crypto market, enjoy the benefits of virtual currency.

Good Luck & Stay blessed

References

GMO, Coindesk