While presenting its 1Q18 earnings report, Japanese multinational company GMO Internet updated its plants to manufacture and sell 7nm Bitcoin mining chips. The company will also be using the chips for its own mining operations. The company stated that it will start accepting pre-orders of these chips from customers soon.
The Tokyo-based company is manufacturing two versions of the chip, dubbed V1 and V2. While V1 is the prototype of the 7nm mining chip, V2 represents the chip that is going to be mass produced, used in mining operations of the company, and sold to interested miners. At a later stage, GMO is also planning to produce a 12nm FFC chip.
It will not be mass produced and is for in house use only. According to the company’s report, V2 will enter mass production in 4Q18. GMO has stated that its mining operations would initially be “based on store-bought mining computers.” In June, the “7nm (V1) operation” is expected to begin. Finally, in October the “7nm (V2) operation” is scheduled to begin.
Regarding the sale of 7nm Bitcoin mining chips, GMO’s spokesperson told
“We can disclose that accepting reservation will start from Q2 onwards and launch will be Q4 onwards only at this moment.”
The exact date of sales is yet to be announced. GMO has also stated that its cloud mining operations will begin in June. The business was launched in Eastern Europe on December 20. The business is comprised of three units, namely in-house mining, development, manufacture and sale of mining machines, and cloud mining.
Commenting on the operations GMO stated
“Hash rate is increasing as planned. Amount of mined Bitcoin is increasing as expected.”
The company is also setting up new mining related business at multiple locations in two more countries. GMO is optimistic that hashrate of 241 PH/s will increase to 3,000 PH/s by the end of 2018.
The company is also operating a cryptocurrency exchange called GMO Coin and plans to launch a crypto payment service.
