Japanese GMO Internet Designs 12 nm Mining Chip

GMO Internet is working on research and development of a 7 nm process technology for chips to be used in the mining process
24 January 2018   1648

The Japanese giant GMO Internet announced on Monday that it is currently developing cutting-edge 7 nm process technologies for chips to be used in the mining process.

According to the company, it succeeded in developing a new 12 nm FFC (Fin FET Compact) process based mining chip (12 nm FFC mining chip). The company currently working on research and development with partner who possesses semiconductor design technology to realize next-generation mining board, the company said.

GMO Internet is also completed validation of SHA256 logic circuit, an encryption algorithm used in Bitcoin and Bitcoin Cash.

Company announced that it will not sell mining boards equipped with 12 nm FFC process based mining chips and it will continue to work on research and development of a 7 nm process technology for chips to be used in the mining process.

GMO Internet also launched on Monday Z.com Cloud BlockChain, a PaaS  type blockchain platform that allows building decentralized Apps on Ethereum blockchain. The service has been in Beta since December 2016.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   420

The largest mining company Bitmain has submitted to the Hong Kong Stock Exchange (HKEX) listing application for an initial public offering (IPO), according to CoinDesk.

The application is a draft option, and some of its details, in particular the number of shares offered for sale and the immediate date of the IPO, are still in the process of editing.

Nevertheless, the document indicates that last year Bitmain's revenue was $ 2,517,719,000. This figure is higher than in 2016 ($ 277,612,000). As of June 30, 2018, the company's revenue was $ 2,845,467,000.

The application said that in 2017 the gross profit of the company was $ 1 212.7 million, which is also higher than in 2016 ($ 151,351,000).

Earlier, the head of Bitmain, Jihan Wu, expressed his indignation over the actions of the company's chief financial officer, who disclosed the figures for the first quarter 60 days after his end, and not after 90, as he had expected.

The media suggested that in the run-up to the IPO the publication of such information could have a negative effect on the company's investment attractiveness.

In addition, the document confirmed the media's information that Bitmain owns a 3% stake in Opera's Internet browser thanks to an investment of $ 50 million.

The application also indicates that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sulliva