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   141

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.

UK launches an inquiry into cryptocurrencies

The inquiry by UK Treasury Select Committee will examine the risks and possible benefits of crypto for investors
22 February 2018   13

European governments are quite cautious about cryptocurrencies and investments into them. And the regulatory base is as of now a lot more sparse, than one in America and Asia. But UK has announced that the Treasury Select Committee is launching an inquiry into cryptocurrencies and the distributed ledger technology that is the base of all crypto networks.

The inquiry will study the risks and opportunities presented by digital currencies for businesses and individual investors. Also, the government wants to see the possible benefits for itself from integrating cryptocurrencies and blockchain into daily operations.

Nicky Morgan, the Chair of the Treasury Select Committee, told the press that public interest in cryptocurrencies is rising, but the investments are unregulated and unprotected by the laws. High risks involved in this market are worrying. She added, that finding the right balance between regulating digital currencies for protection of individual investors and allowing the freedom of innovation is necessary in this case, so the Committee's goal isn't stomping down on overall usage of digital currencies.

This notion is just a next step in widespread action taken by EU governments to regulate cryptocurrencies. Lawmakers all around the Europe are discussing the possible governmental stance on crypto. For example, France and Germany have announced the joint effort which will present a set of regulation in the field during the next G20 summit.