GMO Internet Group, based in Tokyo, has officially announced on 25 October 2017, that will launch a token sale (ICO) in 2018, the purpose of which is to sell next-generation mining boards.
The ICO tokens are going to be the currency to buy next-generation mining boards. Justcryptonews has reached to GMO to find out if this new token is the sole
way to buy their much-anticipated mining boards, but there was no response at the time of writing. GMO has made their plan to spend more than $3 million to start mining bitcoin in early September 2017.
GMO plans include the development of its mining chips, claiming they will operate at an unprecedented degree of efficiency. If GMO successfully introduces the chips, after all, it would trigger an arms race within the bitcoin mining industry. The proposed chips will use 7-nanometer nodes, which would be four times more energy efficient than the current industry standard 16 nm nodes.
Cryptocurrency (Bitcoin) mining business requires computers enabling highly sophisticated and intensive computation and also requires securing stable power supply to operate and cool the computers. Accordingly, GMO Internet is currently preparing to provide the following with an aim to enter the Bitcoin mining business.
- We will use cutting-edge 7 nm process technology for chips to be used in the mining process and are currently working on its research and development with our alliance partner having semiconductor design technology to realize high-performance computer for mining. It will be possible to reduce power consumption compared to the existing mining machines with the same performance and achieve a computational performance of 10TH/s per chip.
- Regarding power supply, we will operate a next-generation mining center utilizing sufficient renewable energy in Northern Europe, and secure clean and inexpensive power supply, which will allow us to control the costs of operating facilities. After preparing the facilities, we will launch the mining based on ready-made mining computers by December 31, 2017, which will lead to the full-scale entry into the Bitcoin mining business.
- After the launch of the Bitcoin mining business, we will also sell our next-generation mining boards.
Launching token sale for the sales of next-generation mining boards
GMO Internet’s Bitcoin mining business will launch a token sale (ICO) in 2018, planning the sales of next-generation mining boards.
We will consider properly the laws and regulations that apply to us under the current legislation including Payment Services Act and the Financial Instrument and Exchange Act and will be conscious of the protection of token purchasers and stakeholders’ profits when designing the token sale.
So here comes Yet Another ICO, but at least there seems to be a legitimate reason behind this one, backed up by a proper existing company.
GMO’s entry in the crypto mining business will reduce fears that bitcoin mining had grown too dependent on Chinese chip designers and operators. One must not forget that Bitmain, for instance, operates mining pools that account for some 30% of all the processing power on the bitcoin network.
Will GMO make it to the big players in 2018 by producing lightning fast ASICs?