Bitcoin, Cryptocurrency And Blockchain News

GMO Internet Set to Launch Cloud Mining for Bitcoin and Bitcoin Cash in August


GMO internet, a Tokyo-based giant founded in the 90s, is among the recent Japanese conglomerates rushing for the booming market of cryptocurrencies after the Japanese government announced its recognition of Bitcoin as legal tender. Reportedly, the company had already invested millions in mining rigs and has only moved to confirm those reports in an announcement made on Friday, that will see the launch of Z.Com (its cloud mining platform).

Boosting Interest in the Mining Project

To further boost interest in the project that is set to go live in August 2018, the company has planned to hold information seminars in over 9 cities globally, starting next month. The cities where the information sessions will be held include New York, Tokyo, London, Hong Kong, Dubai, Los Angeles, Frankfurt and Zurich.

As quoted in a post by CCN, the company announced plans to “offer cloud mining services before entering the cryptocurrency mining business”. The company also mentioned that it has “already been receiving inquiries about our cloud mining service, so from March 2018, GMO Internet will hold the information session in 9 cities to meet the needs of the companies or businesses worldwide who have announced their intention to participate in cloud mining”.

Details of the Cloud Mining Package

In another statement by the company in September last year, the company revealed that it will “operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe”.

The Japanese Internet and technology giant will offer its users a two-year rental contract, priced at about $5million. The stated fee will include maintenance, security, land and power costs and will remain valid for a two-year period.  With mining servers that only support the SHA256 algorithm, only Bitcoin and Bitcoin Cash will be mined at the moment, with the company also indicating plans to accept up to 8 monthly contracts.

Focusing on Profitability

This new development is definitely a plus, both for individuals and businesses who are interested in mining Bitcoin and Bitcoin Cash, but lack access to the mining infrastructure that will see them make a profit. Basically, mining involves an energy-intensive process that is only viable when the cost of mining is lower than the reward. GMO is considering cheaper mining services to act as an alternative to what it plans to offer, while utilizing renewable energy mining strategies for profitability.

Is it too late to mine Bitcoin? Share your thoughts and opinions with us in the comments section !