bbc.reporter (OP)
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October 08, 2017, 01:36:49 AM |
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China's intolerance on bitcoin and other cryptocoins has opened opportunities for Japan to go in and shake their dominance in the mining space. China was in a good position to dominate the stage and would have continued to do so if they had a supportive government. I speculate that China and the PBOC will retract and change their statement by the end of 2017. According to Asia Nikkei, the Japanese financial sector is considering a very surprising plan of action as of right now. More specifically, it is looking into setting up its own cryptocurrency mining operation in the near term. This initiative was apparently fueled by sudden decisions made by GMO Internet and SBI Holdings. No one can deny Japan has become a regional hub for Bitcoin-related activity, as the country successfully took over from China in this regard.
Setting up a mining venture is not all that easy, mind you. There are a lot of requirements which must be met in order to do so, let alone do so profitably. Without access to proper mining hardware and cheap electricity, not much will happen. Thankfully, it is possible there are some solutions in this regard, even though we may not see a Japanese ASIC manufacturer pop up all of a sudden either. It would be rather promising to see some more competition in the ASIC space, though.Read the full article https://themerkle.com/bitcoin-mining-is-the-next-big-venture-for-japanese-financial-institutions/
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btcton
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October 08, 2017, 02:14:04 AM |
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Why would any financial institution want to get into bitcoin by mining it? Obtaining a significant amount of hash power to mine against the network is not going to help them secure a foothold in Bitcoin. Instead, if they actually care to invest in Bitcoin, they should be buying in and managing bitcoin themselves directly, albeit I doubt any of this would seriously happen given how it doesn't really help financial institutions at all other than by being a means of investment like any other from their perspective.
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The signature campaign posters adding useless redundant fluff to their posts to reach their minimum word count are lowering my IQ.
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yugyug
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October 08, 2017, 11:45:43 PM |
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The Japanese company GMO's R&D team are developing a 7nm die for bitcoin ASIC mining hardware which lower energy cost and high efficiency mining which is 2 times faster, 2 times smaller and less power consumption, the 7nm die saves a lot of space in chip packaging which means more density and more parallel processing in one single hardware.It will able to rival China's Bitmain mining hardware, the leading ASIC mining manufacturer to this date. The Bitmain's chip current design is 14nm and manufactured in Taiwanese largest semiconductor froundry - TSMC. If the project is successful the Japan could be the next mining pool hub in Asia and aims to acquire at least 20 percent of the total mining pool worldwide.
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error08
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October 08, 2017, 11:59:16 PM |
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No matter what, bitcoin users will glad to have another big mining farm in Japan with 7nm ASIC. Japan is the only country that has been legalized bitcoin as legal payment, maybe because the founder 'Satoshi Nakamoto' is a japanese name. It is a significant development from Japan to contribute in bitcoin environment since over 60% of all Bitcoin mining hashpower come through Chinese mining pools and every regulation regards cryptocurrency in China will affect bitcoin price as happened before, just in case China will take further action which might be detrimental for miners in China.
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bbc.reporter (OP)
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October 09, 2017, 12:33:19 AM |
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Why would any financial institution want to get into bitcoin by mining it? Obtaining a significant amount of hash power to mine against the network is not going to help them secure a foothold in Bitcoin. Instead, if they actually care to invest in Bitcoin, they should be buying in and managing bitcoin themselves directly, albeit I doubt any of this would seriously happen given how it doesn't really help financial institutions at all other than by being a means of investment like any other from their perspective.
What other reason is there but to make profit and gain some degree of control on the protocol. Because if they really wanted to invest in the future of the cryptospace, then they should invest in its very foundation. Mining. I reckon they will also be accumulate and hold bitcoin and other promising cryptcoins.
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bubblebit
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October 09, 2017, 01:32:36 AM |
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I already think this as a possibility that it will happen after the China’s action toward cryptocurrency. I don’t see any wrong to it as we all know how Japan works and build technological machines with high standard with low power cost. And Japan has many source of electricity that is effecient and economical.
I’m looking forward to be updated at this build and I support this move by Japan and any country that has the capability to do so.
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btcton
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October 09, 2017, 03:56:05 AM |
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Why would any financial institution want to get into bitcoin by mining it? Obtaining a significant amount of hash power to mine against the network is not going to help them secure a foothold in Bitcoin. Instead, if they actually care to invest in Bitcoin, they should be buying in and managing bitcoin themselves directly, albeit I doubt any of this would seriously happen given how it doesn't really help financial institutions at all other than by being a means of investment like any other from their perspective.
What other reason is there but to make profit and gain some degree of control on the protocol. Because if they really wanted to invest in the future of the cryptospace, then they should invest in its very foundation. Mining. I reckon they will also be accumulate and hold bitcoin and other promising cryptcoins. Well, that's the thing-- are they really going to be able to profit from mining? I do see your other points, however. It makes sense that a financial institution with investments in a certain asset such as Bitcoin would want to support that protocol as much as possible. Preventing China from holding up the majority of the mining power would certainly help Bitcoin feel more secure. Getting into other specific cryptocurrencies sounds trickier, but given how a financial institution's entire business is to manage their investments, I assume that researching them and figuring out which ones are actually good is the least of their worries, since they have plenty of economists and analysts with more knowledge than your average web surfer.
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The signature campaign posters adding useless redundant fluff to their posts to reach their minimum word count are lowering my IQ.
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iram1011
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October 09, 2017, 04:42:25 AM |
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Why would any financial institution want to get into bitcoin by mining it? Obtaining a significant amount of hash power to mine against the network is not going to help them secure a foothold in Bitcoin. Instead, if they actually care to invest in Bitcoin, they should be buying in and managing bitcoin themselves directly, albeit I doubt any of this would seriously happen given how it doesn't really help financial institutions at all other than by being a means of investment like any other from their perspective.
What other reason is there but to make profit and gain some degree of control on the protocol. Because if they really wanted to invest in the future of the cryptospace, then they should invest in its very foundation. Mining. I reckon they will also be accumulate and hold bitcoin and other promising cryptcoins. Well, that's the thing-- are they really going to be able to profit from mining? I do see your other points, however. It makes sense that a financial institution with investments in a certain asset such as Bitcoin would want to support that protocol as much as possible. Preventing China from holding up the majority of the mining power would certainly help Bitcoin feel more secure. Getting into other specific cryptocurrencies sounds trickier, but given how a financial institution's entire business is to manage their investments, I assume that researching them and figuring out which ones are actually good is the least of their worries, since they have plenty of economists and analysts with more knowledge than your average web surfer. First of all if they are planning to mine Bitcoin that doesn't means that they won't be investing in Bitcoin. Chinese mining pool control over 70% of Bitcoin's collective hashrate. I already expected that the recent news coming from China will make Japan and South Korea take the opportunity and try to overcome China's dominance. Who says they won't be profitable? The way China is moving, I feel in coming months they might ban mining as well. the Japanese financial sector might not be profitable at first. But nobody can predict the future potential if China leaves the dominant market of Bitcoin mining because of Chinese government.
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bbc.reporter (OP)
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October 10, 2017, 12:46:24 AM |
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@btcton. Why not? Of course Japan can make some profit in mining. The price is high and they are more technologically advanced than China. I speculate they are developing their own asics that might be more energy efficient than Bitmain's.
With their technological advantage, in 2 years time they can produce the best asics in the industry if they wanted to.
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btcton
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October 10, 2017, 03:17:37 AM |
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@btcton. Why not? Of course Japan can make some profit in mining. The price is high and they are more technologically advanced than China. I speculate they are developing their own asics that might be more energy efficient than Bitmain's.
With their technological advantage, in 2 years time they can produce the best asics in the industry if they wanted to.
I guess it would depend on their technology and whether they can produce ASICs with smaller dyes that would make a significant difference in hash power compared to the Chinese technology. I admittedly have not done the math for the profitability of mining but I assumed (perhaps wrongly) that the experience that the Chinese have would make it a bigger entry barrier for other institutions trying to get into Bitcoin mining. However, what infrastructure do financial institutions have on this? They would be forced to invest in third parties to do the mining for them.
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The signature campaign posters adding useless redundant fluff to their posts to reach their minimum word count are lowering my IQ.
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iamTom123
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October 10, 2017, 07:53:08 AM |
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The Japanese company GMO's R&D team are developing a 7nm die for bitcoin ASIC mining hardware which lower energy cost and high efficiency mining which is 2 times faster, 2 times smaller and less power consumption, the 7nm die saves a lot of space in chip packaging which means more density and more parallel processing in one single hardware.It will able to rival China's Bitmain mining hardware, the leading ASIC mining manufacturer to this date. The Bitmain's chip current design is 14nm and manufactured in Taiwanese largest semiconductor froundry - TSMC. If the project is successful the Japan could be the next mining pool hub in Asia and aims to acquire at least 20 percent of the total mining pool worldwide.
The market has been longing for an introducing of better and more efficient mining hardware. we are hoping that Japan can be able to fully commercialized this idea because the market is really ready for this. We have to remember that the main factor in mining (aside from the equipment cost) is the cost of running those equipment that is why China gained a large foothold in this industry because of cheap electricity rates. In places which have higher rates, the perfect solution is to use mining hardware which required less electric consumption. I believe that Japan has a good ambition of fully replacing China in the world of cryptocurrency as it is now thinking of also dominating the cryptomining industry. And I believe this is much better than dealing with China. I am more comfortable with Japan compared to China. Long live, Japan!
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