Japanese internet giant GMO getting started with Bitcoin

Tuesday 3 October 2017

GMO Internet, an internet giant from Japan, is contributing to Bitcoin's infrastructure. In a publication of September 7, GMO announced that the board of directors agreed to start a mining operation.

Because the mining equipment for bitcoins is controlled by only a few parties, GMO has decided to develop chips themselves. At present, the most effective device contains 16 nm chips. GMO has begun with the developments of 7 nm chips, which will be four times more efficient than the current chips used in ASICs. In a presentation, GMO indicated that in April 2018 the chips would most likely come into production.

For the development of the new hardware, the company sets aside 10% of the fixed assets aside. This amounts to a minimum investment of € 25,250,000.

This step is taking GMO because the company thinks that, from the recent emergence of Bitcoin, a "new universal currency" could arise. This currency would be free for anyone anywhere in the world, creating a new borderless economic zone. By deepening in Bitcoin, one hopes to gain enough knowledge to be able to contribute to future developments about Bitcoin.

Please upvote, comment and resteem.
Don't forget to follow @bassie .
have a nice day!