GMO Internet to Launch a Cloud Mining Service

Japanese internet and technology company, GMO Internet announced its plans to launch cloud mining service in August
13 February 2018   393

The Tokyo-based conglomerate was founded in the early 1990s. In September it invested a huge sum of money into a new mining venture. GMO Internet entered the cloud mining space to enable customers to rent its mining equipment’ hashrate.

GMO Internet’s new cryptocurrency mining business today has announced its new cloud mining service Cloud Mining. It will be launched approximately in August 2018.

Starting from March 1, 2018, the company will start accepting priority applications for customers who wish to use this new service. In order to whet customer’s interest, the company will hold information sessions in 9 cities across the world. The sessions will take place in Tokyo, New York, Los Angeles, London, Frankfurt, Hong Kong, Singapore, Zurich, Dubai.

The Cloud Mining service allows businesses to participate in crypto mining. The service will be renting out part of its mining facilities fully equipped with original next-generation 7nm mining chips.

A two-year rental contract for $5 million with no cancellation policy. The operation fee will include power costs, land, maintenance and security costs over the two-year period for the facility. The service will support cryptocurrencies mined on the SHA256 algorithm.

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   91

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.