Japan’s GMO Internet Group Unveils Powerful ASIC Miner

The GMO Miner B2 will be presented to potential clients in June in Tokyo and will start shipping in October.

by Nina Dimitrova
25 May • 2 mins
In Mining

Japanese IT giant and internet service provider GMO Internet Group is launching its own cryptocurrency ASIC mining machine, dubbed GMO Miner B2, on June 6. However, the hardware devices will start shipping at the end of October and in June will be held only an information session for potential clients, the company said in a statement on its website.

The GMO miner B2 is touted as “the world’s first mining machine equipped with a cutting-edge 7 nm process based semiconductor chip” and promises high performance.


gmo miner b2

GMO Group ventured into cryptocurrencies in May 2017 with the launch of the cryptocurrency exchange Z.com Coin by GMO, later renamed to GMO Coin. In September 2017, it started a cloud mining operation. The company also revealed plans for developing an own mining machine that obviously came to fruition now.

GMO Internet Group is a Tokyo-based publicly traded conglomerate that offers all kinds of internet services: hosting and cloud, ecommerce, security, and payment solutions. The group also includes the world’s largest online FX trading platform GMO Click Securities, as well as online advertising, Internet media, and mobile entertainment products.

The ASIC cryptocurrency mining machines are hardware devices, specifically developed for the purpose of mining cryptocurrencies. With the increasingly complex computations required to mine a block, the initial idea of being able to mine on a simple home computer became next to impossible.

 

Then came the ASIC miners – expensive machines (the cheapest cost several thousand dollars, while the more expensive can cost several tens of thousands dollars) that are far more effective in making the calculations, but require unholy amounts of electricity, mainly for cooling the hardware. This is why the major mining operations, or “mining farms”, are located in countries where the electricity is relatively cheap or have cool climate (Iceland is one example) to minimize expenses. A recent scientific study published in the magazine Joule found that by the end of this year the mining of cryptocurrencies will be consuming 0.5% of the world’s electricity.

The ASIC miners are surrounded by other controversies, too. Part of the global cryptocurrency community is firmly against them and the developers of some cryptocurrencies, like Monero, have purposefully changed the algorithms to make them impossible to mine on such machines and “curb any potential threat of ASICs and preserve ASIC resistance”.

Despite the resistance, however, mining hardware giants like the multibillion Chinese giant Bitmain and US BitFury continue to build and sell ASIC machines and make huge profits.