GMO, a Japanese digital services firm, unveils its plans for its forthcoming cryptocurrency mine and the $90 million budget backing it, as detailed by coindesk.com.
Thus, on Wednesday the company held a presentation on the plan following the announcement last week. GMO is to begin mining in the first half of 2018.
image credit: techwave.jp
The company will begin testing a new 7nm semiconductor chip by the spring. As reported, GMO has already spent $3 million out of an expected 10 billion yen (worth approximately $90 million).
Besides mining at our company, we also plan to sell the mining board with the 'cloud mining center', so that anyone can participate in mining.
Besides, the Japanese e-commerce giant DMM is also planning to join the mining race.
According to the company, DMM will launch its "Virtual Currency Division" that is to oversee operations of the "DMM Mining Farm", in October. DMM has also confirmed its intention to press ahead with full production by the end of the year.
However, the announcement underlines Bitcoin and Ethereum as two virtual currencies “expected to be the currencies of the next generation” without explicitly stating it would mine either cryptocurrency.