[2017-09-08] Japan’s Internet Giant GMO Launching Bitcoin Mining with 7nm Chips

[ivanpoldark]

Japan’s leading internet conglomerate and bitcoin exchange operator GMO has announced that it is expanding into the businesses of bitcoin mining and chip manufacturing. The company revealed plans to produce and sell 7nm semiconductor chips and run a mining facility in Northern Europe.

GMO’s Venture into Mining Business

GMO Internet Inc, announced on Thursday the launch of a bitcoin mining business, “utilizing the next-generation 7nm semiconductor chip.” The company wrote:

        

"We will operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe. We will use cutting-edge 7nm process technology for chips to be used in the mining process, and jointly work on its research and development and manufacturing with our alliance partner having semiconductor design technology."

Citing plentiful renewable energy in Northern Europe, the company says “we can operate facilities that reduce costs by procuring clean and cheap electricity.” The company plans to start mining with 50,000 chips to deliver a total hashpower of 500 petahashs per second (PH/s). This amount of hashpower would rank among the top-ten bitcoin mining pools today.

Headquartered in Tokyo, GMO offers a comprehensive range of internet services worldwide. Its internet infrastructure business has 8.47 million customers and ranks number one in Japan. The company is listed on the Tokyo Stock Exchange.

GMO Group consists of 129 entities as of the end of July this year. One of its subsidiaries is GMO Coin Inc, who offers digital currency trading and digital currency fx trading. It was launched on May 31, and then changed its name on August 9 from Z.com Coin Co., Ltd. The company wrote:

        

"By entering this project, GMO Internet will support the sound operation of bitcoin which is ‘the worldwide common currency’."

Read more:
https://news.bitcoin.com/japans-internet-giant-gmo-launching-bitcoin-mining-with-7nm-chips/

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[Sr.Urbanist]

This is an interesting article because I have heard that 7 nm chips are out 2 - 3 years, but I can see their motivation and they'd have to do something to compete with BITMAIN. 

The Quartz article has a snippet about selling to the public.  I've read the 10 nm Intel chips didn't help a lot and were unstable.  Canaan has a 14 nm chipset that's slightly less efficient than the 16 nm S9s.

It's a little interesting on whether, or not, to buy additional 16 nm ASICs.  However, the article has changed from the original 300 million to 3 million.  Three million dollars is not a lot for chip development.  Though call.  I think it may come out on beta next year, but I'm not entirely sold on them being out for purchase Q1 2018.

What do you think?  Are they going to come out and will you hold off to buy additional ASICs or get more 16/14 nm chips? 

[CryptoBry]

I always love reading good news on Bitcoin related business coming from the Land of the Rising Sun. As China seems to be on the path of closing its doors to cryptocurrency, we should be glad that Japan is taking the lead for the adoption and massive use of Bitcoin.

I am sure that there would be more businesses or firms in Japan already planning to also exploit this cryptocurrency opportunity hopefully to replace what we are about to lose in China. It is about to kick China out of cryptocurrency and encourage Japan to explore and expand more.

We can all be fine without China. Long live Japan!

[CataloniaFM]

I always love reading good news on Bitcoin related business coming from the Land of the Rising Sun. As China seems to be on the path of closing its doors to cryptocurrency, we should be glad that Japan is taking the lead for the adoption and massive use of Bitcoin.

I am sure that there would be more businesses or firms in Japan already planning to also exploit this cryptocurrency opportunity hopefully to replace what we are about to lose in China. It is about to kick China out of cryptocurrency and encourage Japan to explore and expand more.

We can all be fine without China. Long live Japan!

China several times this year did bad news for bitcoin. But bitcoin did not die because of this. Yes, we saw a sharp decline in prices. But it was very restored. This suggests that China no longer has a significant influence on bitcoin