GMO Internet forays into cloud mining, accepts applications from March

GMO Internet forays into cloud mining, accepts applications from March

- in All News, Cryptocurrencies
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GMO Internet, the Japanese conglomerate that offers a wide array of services, including forex trading, a cryptocurrency exchange and a cryptocurrency ( coin), announced more specific plans about its foray into cloud mining of cryptocurrencies.

According to the company announcement, Cloud Mining will be launched in August (tentative plan). Applications of interest for the new service will be accepted from March 1. The company will hold information sessions in 9 cities across the world, also in March: Tokyo, New York, Los Angeles, London, Frankfurt, Hong Kong, Singapore, Zurich, Dubai. Cloud Mining will be renting out mining facilities full of mining machines equipped with their original next generation 7nm mining chips. The price for a two-year contract (no cancellation policy) is around $5 million – paid upfront, plus an operation fee that will include power cost, land cost, maintenance cost, security cost, etc… The cryptocurrencies that can be mined are to be announced, but will be using the SHA256 algorithm. Coin was established as GMO Wallet Co. in the autumn of October 2016 with the purpose of setting up an exchange for trading in cryptocurrencies. GMO Internet announced its cloud mining plans in September 2017.

GMO, which also owns Japan’s largest forex and binary options brokerage GMO Click Securities, is one of the many Japanese companies who are showing increasing interest in cryptocurrency exchanges and services.

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