GMO Internet, a publicly listed IT firm in Japan, has officially launched its cryptocurrency mining operation.
The mining unit was previously unveiled in September, with a goal of going live with it in the first quarter of 2018. GMO has pursued a number of cryptocurrency-related business lines in the past year, including an exchange platform it opened in the spring and a bitcoin-focused payroll service unveiled earlier this month.
According to today's announcement, the new facility is based in northern Europe. And while the firm declined to name its exact location (probably Iceland), GMO indicated that the mine will draw electricity from geothermal and hydropower sources. As reported earlier, the mining facility will be equipped with a computing power at 500 petahashes per second (PH/s).
From the Global Geothermal News archives:
- Tuesday, November 7, 2017 - Japan: Geothermal Energy Touted as Power Source for Cryptocurrency Mining
- Wednesday, September 13, 2017 - Finance: Geothermal-Powered Bitcoin Mining Could Be a Very Profitable Business Model
- Tuesday, October 7, 2014 - Iceland: Geothermal Gold: Why Bitcoin Mines are Moving to Iceland