GMO Internet Group, a prominent Japanese corporation, expanded into the cryptocurrency mining industry in December 2017. Their entry into this market was marked by launching a mining operation in Northern Europe, utilizing renewable energy sources like geothermal and hydropower for their mining centers. GMO Internet Group’s foray into cryptocurrency mining is part of their broader strategy to support the infrastructure of cryptocurrencies like Bitcoin, leveraging their expertise in Internet Infrastructure and Internet Finance.
A significant milestone in their venture was the introduction of the GMO miner B2, touted as the world’s first mining machine equipped with ASIC mining chips using a cutting-edge 7 nm process technology. This advanced technology enabled GMO miner B2 to offer impressive performance metrics, with each unit capable of a hash rate of 24 TH/s while achieving a significant reduction in power consumption. The miner was designed to operate efficiently, consuming only about 81W per 1Th/s, which is roughly a 20% reduction compared to other mining devices in the market.
In July 2018, GMO Internet Group further enhanced its product line with the launch of the GMO miner B3. This model boasted a maximum hash power of 33TH/s, surpassing the capabilities of their earlier models. The GMO miner B3 featured an innovative function allowing for the optimization of hash power and power consumption depending on the mining environment. This model could automatically adjust its performance based on electricity costs and global hash rate changes, offering an operational flexibility that improved mining efficiency. The B3 miner also utilized the 7nm GMO72b ASIC, self-developed by GMO Internet Group, supporting SHA-256 algorithm mining, thus suitable for mining Bitcoin and Bitcoin Cash.
Despite these technological advancements, the profitability of GMO mining machines, such as the GMO miner B3, has been a challenge. For instance, the B3 model showed negative profitability under standard electricity pricing conditions, indicating that the high power consumption might outweigh the income generated from mining.
GMO Internet Group’s involvement in cryptocurrency mining underscores the growing interest of established tech companies in the crypto mining sector, particularly with a focus on developing more efficient and powerful mining solutions. However, the profitability of such ventures remains dependent on several external factors, including electricity costs, market conditions, and the evolving landscape of cryptocurrency mining technology.