Japanese internet giant GMO getting started with Bitcoin

Tuesday 3 October 2017

GMO Internet, an internet giant from Japan, is contributing to Bitcoin's infrastructure. In a publication of September 7, GMO announced that the board of directors agreed to start a mining operation.

Because the mining equipment for bitcoins is controlled by only a few parties, GMO has decided to develop chips themselves. At present, the most effective device contains 16 nm chips. GMO has begun with the developments of 7 nm chips, which will be four times more efficient than the current chips used in ASICs. In a presentation, GMO indicated that in April 2018 the chips would most likely come into production.

For the development of the new hardware, the company sets aside 10% of the fixed assets aside. This amounts to a minimum investment of € 25,250,000.

This step is taking GMO because the company thinks that, from the recent emergence of Bitcoin, a "new universal currency" could arise. This currency would be free for anyone anywhere in the world, creating a new borderless economic zone. By deepening in Bitcoin, one hopes to gain enough knowledge to be able to contribute to future developments about Bitcoin.

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