[Cryptoniam] Japanese Internet Major GMO Eyes To Invest $3 Million In Bitcoin Mining
One of the well-known Japanese Internet company GMO Internet.Co.Ltd. is soon going to be investing a whopping sum of $3 million, to launch its bitcoin mining operation. It is reported that their Bitcoin Mining operations might commence sometime in the first half of 2018.
GMO, founded in 1990, is an internet giant in Japan which is now eyeing to venture into the ever expanding cryptocurrency space.
One of the driving factor, for this move from GMO, can be the legislative & regulatory changes in Japan. Earlier this year, in the month of April, bitcoin was deemed as a legal tender and can be used to pay for goods and services, within the country. Soon after, in May, GMO also launched a digital currency exchange and entered into the bitcoin industry.
They stated:
We believe that Cryptocurrencies will develop into ‘new universal currencies’ ,available for use by anyone from any country or region to freely exchange “value,” creating a “new border-less economic zone.
GMO Internet launched Exchange Builder System “Token Trader”, the 2nd Phase of GMO Blockchain Open Source Software Project in August 2017.
Now, GMO is further going into bitcoin industry is announcing its next year investment plans in bitcoin mining.
Earlier this month they stated:
We will operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe.
GMO says it will invest over 10% of its consolidated non-current assets ($31 million) for the mining operation.
GMO’s official site mentions their outlook for the future which encompasses the below:
Cloud Mining Business.
Sales of next-generation mining board.
Supply GMO coins as Cryptocurrencies.
This article is taken from cryptoniam.com
I honestly believe they should also invest in Litecoin mining, too.
Lite is on its way up: give it a year or two, and it'll likely smack the $1,000 mark per coin.
all major coins depend a lot on Bitcoin, we want it or not. as lots speculative capital moves towards strong stable, and volatile coins. That gives a boost to any coin right there in the space, and miners are mining that coin because it is profitable to do so. Imagine if that capital retreats and every coin goes down by -90%! Anyone would mine such coin?
I am not saying that all the values of every coin is speculative capital, some is invested for a long term. But just assuming that some prices can go down, and can do it fast.