Japans GMO plans to sell Bitcoin mining boards via ICO

Thursday 26 October 2017 10:55 CET | News

GMO, a large Japanese internet company, has announced plans to sell its “next-generation mining boards” through an initial coin offering (ICO) in 2018.

The boards are equipped with 7nm ASIC chips developed in collaboration with a partner that has semiconductor design technology. According to GMO Group president, the company plans to invest 10 billion yen in the next few years on its mining operation as well as the research and development for 7nm, 5nm, and 3.5nm mining chips.

These chips could reduce power consumption compared to the existing mining machines with the same performance, and achieve a computational performance of 10TH/s per chip, GMO detailed. Furthermore, by December 31, 2017 the company aims to launch the mining based on ready-made mining computers, which will lead to the full-scale entry into the Bitcoin mining business.

Currently, Japan has no specific law for regulating ICOs. However, some existing legislation including Payment Services Act and the Financial Instrument and Exchange Act, may apply to token sales. For example, some of them may be classified as sales of securities and subject to the current securities laws.

At the end of September 2017, GMO Coin, GMO’s Bitcoin exchange subsidiary, became one of the first eleven Bitcoin exchanges to be granted registration by the Financial Services Agency (FSA).

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Keywords: GMO, ICO, bitcoin. cryptocurrency, mining, cryptocurrency miners, Bitcoin mining, GMO Coin, Japan
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies