The Japanese based internet group GMO has been reportedly looking to add a newly announced mining business to their portfolio. According to several websites, the conglomerate is looking to enter the market by adding web hosting and other digital services that can aid mining operations.
Looking into the company’s history, GMO has been around ever since the early 1990’s as a multi-media company and slowly crept its way as one of the leading technological conglomerates in Japan. In recent news, the company’s first entry into the crypto market was when they launched their GMO Coin. The whole platform has enabled coin enthusiasts a new platform, so they can trade their digital currencies. Now they are looking to expand it with their additional services.
GMO Mining Business
Several articles and news agencies have been circulating GMO’s latest move , which is producing a mining business that is set to be up and running somewhere around early 2018.
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. GMO
It’s also important to point out that the company hasn’t announced the whole plan and specifics, yet.However, speculators and analysts are expecting that the company is going to shell out at least 10% of the consolidated non-current assets, as of December 31, 2016.
Accordingly, we have decided to launch Bitcoin mining business to support sound management of Bitcoins by leveraging our accumulated know-how on Internet Infrastructure business and Internet Finance business, with an aim to contribute to development of cryptocurrencies.” GMO
Just like the GMO Coin trading platform and mining business, the Japanese conglomerate is looking to create their new GMO Block Chain Open Source Software Project. It has been a whirlwind ride for the conglomerate’s new service, just as August ended. Officials reported that their GMO Blockchain Source Software project is entering their third phase.
If that’s not enough, check this out!
Based on the knowledge gained through such experience, GMO Internet is developing open source (free to modify, free for commercial use) programs capable of supporting real service development. GMO Blockchain Open Source Offering Project was launched to realize and grow new services utilizing blockchain technology…As the first initiative, we have now created a Medical Record Sharing System based on Z.com Cloud Semi-Public Blockchain and started providing an open source from today. We will continue to publish open source programs that meet various needs in the future. GMO
Within the cryptocurrency industry, we believe this is excellent news. Although there are lots of ideas within the medication industry, regarding block chain, there still is plenty of room for everyone. GMO is a very innovative company with a lot of power. So, we are eager to see how much they impact the cryptocurrency industry.