Tech Company GMO to Start Mining in Europe
GMO, a big technology company in Japan, is becoming more and more interested in bitcoin mining. The company announced that it will start its cryptocurrency mining operations in Northern Europe. The company established a joint venture on the continent for these operations.
The fact that GMO was interested in opening a mining unit in Europe was first revealed in September, 2017. At time, GMO officially revealed that it will invest the sum of $3 million to establish its own bitcoin mining unit.
The unit is set to officially start operating in the first half of 2018. The company stated that it was actually sure that cryptocurrencies will gain more field in the coming year and the investment will pay off.
GMO says cryptocurrencies will become the new universal currencies
The company stated that it actually believes that cryptocurrencies will become the "new universal currencies." The company also added that it hoped that they will become available for people from all over the world to "freely exchange value."
GMO also operates a bitcoin exchange in Japan, a country which has shown a lot of openness for the cryptocurrency market. In fact, bitcoin was recognized as a form of payment in Japan in April. It is yet to see if the same openness will gradually be seen in Europe, as well.
Meanwhile, GMO has revealed that its European mining business will be accessing the technology of mining centers that operate in Europe:
“The cryptocurrency mining business will use existing technology to mine from facilities (mining centers) in Northern Europe. GMO Internet will increase the size of the operation in phases, expanding the business.”
The company did not reveal the exact location of this business. Furthermore, the company did not reveal any other additional details of how this business will operate. The only thing that was disclosed at this point by GMO was that the center will be using renewable energy. Cryptocurrency mining has been under criticism due to the fact that it uses a high amount of energy.
GMO also expressed interest in the latest technology for mining and said that it is working with an unrevealed partner on this.
