Such is the maddening velocity of the cryptocurrency craze that even a Tokyo based company known as GMO Internet Group dealing primarily in hosting web services and registering domain names hopes to shift gear onto Bitcoin mining. In a recent announcement, the company exclaimed its future action plan on shelling out approximately $320 million within the first half of next year to become a part of the Bitcoin success story. With Bitcoin mining becoming incessantly dependant on Chinese chip designing firms, GMO’s arrival will surely serve as a breather to many.
With Bitcoin currently valued at $4600 presently, Bitcoin miners can accumulate $10 million each day. The firm holds the core belief that once the full potential of Bitcoin gets unlocked, it might evolve into an universal currency which can spread across the global periphery to create a borderless economic zone.
GMO plans to introduce its very own Bitcoin mining chips for ushering in unprecedented efficiency in the Bitcoin mining drive. As per records, these new chips will come with 7 nanometer nodes which will bring in four times the energy efficiency of the 16 nm nodes being currently used in the industry.
If one thing is permanent in this industry then that is the stiff competition. Thus once the 7nm nodes get introduced into the market arena, it won’t take much time for other Bitcoin miners to follow suit and carry on the requisite upgrade. RSK Lab’s chief executive Diego Guiterrez feels that this will usher in next generation mining.
Also Read: Russia All Set To Challenge China In Bitcoin Mining Sector
The business model of GMO will be built in line with industry leaders such as China’s Bitmain. This self-sufficient firm plans to control the operation of its mines, rent them occasionally, and develop cryptocurrency mining chips which can be sold in packaged form as cryptocurrency mining rigs. The firm is on the lookout for the perfect industry set up area. But it will most probably anchor somewhere in Northern Europe where they will get ample supply of cheap electricity. GMO plans to invest approximately 10% of its $320 million worth non-current assets in this new project.
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