A Japanese digital services business GMO has released an announcement for it’s upcoming plans for cryptocurrency mining with the budget of $90 million.
Japan a New Major Player?
According to TechWave, the company held a presentation on the plan following its announcement last week on Wednesday. The business, founded in the 90s, already owns a cryptocurrency exchange, and now plans to extend it’s reach to cryptocurrency mining in the first half of 2018. The mining data center would be located in northern Europe. In addition to mining, the company plans to release cloud services allowing common people to mine cryptocurrency. The service would allow customers to buy quantities of hashrate for a period of time. This would potentially earn them a portion of the cryptocurrency generated during mining process. According to GMO President Masatoshi Kumagai:
Besides mining at our company, we also plan to sell the mining board with the ‘cloud mining center’ [so] that anyone can participate in mining.
This would be a novel development in Japan, but not the first in the world. Services such as HashFlare already offer cloud cryptocurrency mining.
GMO Not the Only Company to Participate in Cryptocurrency Mining
GMO also announced that it will begin tests of a novel 7nm semiconductor chip by spring. According to the demo, GMO has already spent $3 million out of an expected ¥10 billion. However, they are not the first company to get involved in cryptocurrency mining. Japanese e-commerce giant DMM released a statement in which the company claims that it will get involved with the business.
GMO’s announcement was released a short time before major news of China closing down all domestic currency exchanges, which could have major, world-wide effects, as China is a key player in the cryptocurrency world. Great changes are on the horizon.