Japanese Internet Giant GMO Boosts Own Bitcoin Mining Output With 7nm Rigs

Japan’s internet giant GMO has released the latest results of its cryptocurrency mining operation. The company has also started using 7nm rigs for its in-house mining business. News.Bitcoin.com talked to a GMO spokesperson to find out more details.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

1906 BTC and 636 BCH Mined

GMO has released its mining report for June. According to the report, the company has mined 1,906 BTC and 636 BCH since its mining operation began in December last year; 528 BTC and 62 BCH were mined in June.

From December last year to May this year, GMO’s monthly BTC output was 21, 93, 124, 295, 373, and 472 BTC respectively. Its BCH output was 213, 25, 287, 12, 0, 37, 62 BCH respectively. In April, GMO did not mine any BCH.

A GMO spokesperson told news.Bitcoin.com that in the future:

We will decide the [mining] ratio, BCH or BTC, depending on the market environment.

Rising Hash Rate

Meanwhile, the hash rate of GMO’s mining operation has grown from 22 PH/s in December last year to 299 PH/s in May and 384 PH/s in June. “Hash rate rose due to the increase in the number of computers we are operating as planned,” the company wrote.

The company also expects the hash rate of its mining pool to reach 3,000 PH/s by the year’s end.

Using 7nm Mining Rigs

GMO Internet started its mining operations in December last year. The company’s mining business is divided into three areas: in-house mining; cloud mining; and the development, manufacture, and sale of mining machines.

Last month, the company launched its first line of 7nm mining rigs, GMO miner B2. The rigs, priced at $1,999 per unit, were quickly sold out, according to the company. Some upgrades were subsequently made to the B2 miners, resulting in the launch of GMO miner B3 which the company claims has a maximum hash power of 33 TH/s. Both models will start shipping in November.

According to its first-quarter results presentation, GMO started using an undisclosed number of 7nm mining rigs in its own mining operation last month. The GMO spokesperson confirmed to news.Bitcoin.com:

We do use 7nm rigs in our mining operation…[But] it is an old type that we don’t sell to the market.

In October, the company plans to start using mass-produced 7nm equipment for its own in-house and cloud mining businesses.

While the spokesperson clarified that, in October, “We will use GMO miner B3” for all new mining equipment installations, he noted that existing mining rigs will not be replaced.

What do you think of GMO using 7nm rigs in its own mining operations? Let us know in the comments section below.

Images courtesy of Shutterstock and GMO Group.

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