GMO Internet fixes a Date for the Launch of its Cloud Crypto Mining Service
GMO Internet, the multi-billion dollar Japanese conglomerate is all set to launch a new bitcoins cloud mining service called Z.com, in August of this year.
GMO Internet’s Foray into Cryptocurrencies
Headquartered in Tokyo Japan, GMO Internet launched its crypto trading service in May of last year. As of September 2017, the company announced that it was formally entering into the cryptocurrency mining business and launched it in December 2017.
Currently, GMO internet is involved in cutting-edge research and development for building a next-gen nanometer chip (7nm) to be used in the mining process. At the beginning of this year, GMO Internet unveiled a 12nm semiconductor based on FFC. Additionally, the company also operates a next-gen mining center that is powered by clean, renewable energy.
Z.com, the Next Big Step for GMO Internet
As an extension of its current successes in cryptocurrency trading, GMO Internet is all set to launch a cloud mining business called Z.com. The tentative date for this launch has been set for August of this year. But, considering the progress of the company, experts predict an earlier start.
Details of Information Sessions
In a press release, GMO Internet stated that the company has been receiving plenty of inquiries regarding its cloud mining service. To satisfy the requirements of its customers, the company will hold information sessions regarding the service in nine cities all over the world.
These information sessions are to be held at Tokyo, London, Frankfurt, Zurich, Los Angeles, New York, Dubai, Singapore and Hong Kong. The dates and other details about these sessions have not yet been confirmed, but the company stated that the meetings are most likely to be held sometime during the next month.
These sessions hope to clarify the doubts of companies and businesses who have expressed their interest in participating in the cloud mining venture of Z.com.
Invites Applications for Cloud Mining Contract
GMO Internet further stated that it would start taking applications for the two-year contract beginning from 1st March 2018. The company has proposed a two-year rental contract for 550 million JPY (approximately $5 million). This fee is inclusive of land, security costs, power costs and maintenance charges for the facility for a period of two years.
The cloud mining operation will use the SHA256 algorithm to mine the following two cryptocurrencies: Bitcoin (BTC) and Bitcoin Cash (BTH). GMO Internet further stated that it could accommodate up to eight contracts per month.
While other details about this cloud mining facility haven’t been unveiled, industry experts predict that it would be located somewhere in northern Europe, close to where GMO has its mining center.
Once businesses win this contract, they can use the cloud mining space of GMO and gain access to the mining equipment’s hash-rate.
A Primer into how Crypto mining Works
When involved in cryptomining, miners can earn coins in return for creating blocks of validated transactions and attaching them to the blockchain. Cryptomining is an energy-intensive process, and miners make profits when the value of the minted coins is higher than the cost of the mining process. This includes equipment costs, electricity charges and other miscellaneous costs.
Miners can rent the cloud mining space of GMO internet to mine digital coins, once the facility launches later this year.
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