GMO Internet, a multi-billion publicly listed Japanese internet and technology conglomerate, has unveiled plans to launch its new bitcoin cloud mining service in August.
Founded in the early 1990s, Tokyo-based GMO announced its foray into the cryptocurrency space in September with a multi-million-dollar investment into a new mining venture. Crypto mining sees miners gain newly minted coins as reward for creating blocks of validated transactions and including them in the blockchain. An energy-intensive process, crypto mining profits are made when mining rewards exceed the cost of mining resources and electricity costs. At the time, GMO also hinted at entering the cloud mining space to enable customers to rent its mining equipment’s hashrate.
With an announcement on Friday, GMO has now confirmed its plan toward a ‘tentative’ launch of its new cloud mining service, called Z.com Cloud Mining, in August. To ramp up interest, the company will hold information sessions in 9 cities across the world in March. They are: Tokyo, New York, Los Angeles, London, Frankfurt, Hong Kong, Singapore, Zurich, Dubai.
“Before entering the cryptocurrency mining business, we have announced that we are planning to offer the cloud mining service,” the company said. “We have 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 the cloud mining.”
On offer is a two-year rental contract for $5 million (approx. 550 million JPY), a fee that will include power costs, land, maintenance and security costs over the two-year period for the facility. The cloud mining operation will specifically support cryptocurrencies mined on the SHA256 algorithm, namely Bitcoin and Bitcoin Cash. The internet giant says it plans to accept up to 8 such contracts a month.
With the substantial contract price at hand, GMO adds it is considering a cheaper alternative service that “allows an individual or a business, who may find it difficult to make massive investment in and manage mining equipment, to participate in mining.”
While details of the facility are scarce, it is likely to be in Northern Europe where GMO launched its mining center ‘utilizing plentiful renewable energy’ in December. The internet giant further reiterated that cryptocurrencies mined
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Last modified: May 20, 2020 9:05 PM UTC