Japan's Internet giant GMO said on Wednesday that its Bitcoin mining equipment will be launched through an initial currency offering (ICO) next year. The purpose of selling the currency is to "sell the next generation of mining machinery." "We will issue the currency as a means to buy the next generation of mining machinery," the company wrote. "There is currently no specific law in place in Japan to regulate the currency support operations (ICOs).
However, some laws based on currency sales may apply. For example, some of them may be classified as securities sales and subject to current securities laws. GMO said in its announcement: "We will look into the laws and regulations that apply to us under the current legislation, including the Payment Services Act, the Financial Instrument, and the Exchange Act.
We will also take into account the protection of currency buyers and the profits of stakeholders when designing the currency display. "At the end of September, GMO's proprietary trading platform, GMO Coin, became one of the first 11 Bitcoin trading platforms to be registered by the Financial Services Agency (FSA). GMO Mining Work at GMO is currently developing an ASIC 7nm chip in collaboration with a partner with semiconductor design technology.
The project was first unveiled in September. According to Masatoshi Kumaji, president of the GMO group, the company plans to invest 10 billion yen in the next few years on the mining process as well as on research and development of 7nm, 5 nm, and 3.5nm mining chips. In addition to operating the mining center in northern Europe, the company will also launch cloud mining and sell mining regulations equipped with 7nm mining chips. "As planned, each card will be capable of mining 8 terahash per second or more with only 300 watts of energy consumption," Kumagai said. "GMO said on Wednesday that:
"It is possible to reduce energy consumption compared to existing mining machines with the same performance and to achieve the mathematical performance of 10 terahash / sec per chip. " We will launch mining based on pre-finished mining computers by December 31, 2017, which will lead to large-scale entry into the mining business of the Bitcoin." The company's announcement further stated: "Following the launch of the Bitcoin mining, We will also sell the next generation of our own Bitcoin mining. "