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.
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’ .
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