Japans GMO Plans Bitcoin, Bitcoin Cash Cloud Mining Launch in August

GMO Internet, a multi-billion publicly listed Japanese internet and technology conglomerate, has uncovered plans to launch its new bitcoin cloud mining service in August.

Established in the early 1990s, Tokyo-based GMO declared its venture into the digital currency space in September with a multi-million-dollar investment into another mining venture. Crypto mining sees miners gain newly minted coins as reward for creating blocks of approved transactions and incorporating them in the blockchain. An energy concentrated process, crypto mining profits are made when mining rewards surpass the cost of mining assets and electricity costs. At the time, GMO additionally hinted at entering the cloud mining space to empower users to rent its mining equipment’s hashrate.

With a declaration on Friday, GMO has now affirmed its arrangement toward a ‘tentative’ launch of its new cloud mining service, called Z.com Cloud Mining, in August. To increase interest, the company will hold information sessions in 9 urban areas over 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 incorporate power costs, land, maintenance and security costs over the two-year time frame for the office. The cloud mining operation will particularly bolster digital currencies mined on the SHA256 algorithm, to be specific Bitcoin and Bitcoin Cash. The internet giant says it intends to acknowledge up to 8 such contracts a month.

With the significant contract price close by, GMO includes it is thinking about a less expensive 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 rare, it is probably going to be in Northern Europe where GMO launched its mining center ‘utilizing plentiful renewable energy’ in December.