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GMO Internet Eyes August Launch for Crypto Cloud Mining

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GMO Internet, a publicly listed IT agency headquartered in Japan, has set August because the tentative launch date for its beforehand introduced cloud mining service.

The firm revealed final fall that it was devoting tens of hundreds of thousands of to its mining enterprise, with the purpose of constructing a website for pursuing the energy-intensive course of by which new transactions are added to a blockchain and new cash are minted as a reward. With cloud mining, prospects should purchase hashing energy and obtain the rewards of that course of, minus any related charges  – although the mannequin has lengthy been related to fraud, together with firms that promote extra processing energy than they really possess.

In a Feb. 9 announcement, GMO mentioned that it will, starting in March, maintain a sequence of occasions as a way to drum up curiosity within the service, which can function two-year contracts for a whopping $5 million. Though the precise location of the GMO mine is not publicly identified, the power is claimed to be primarily based in northern Europe.

“We have already been receiving inquiries about our cloud mining service, so from March 2018, GMO Internet will hold the information session in 9 cities to meet the needs of the companies or businesses worldwide who have announced their intention to participate in the cloud mining,” the corporate mentioned.

GMO described the August launch timeline as “tentative.”

Notably, the agency will use a few of the tokens mined on the facility for its GMO Coin trade “in order to “contribute to a rise in variety and liquidity of the cryptocurrency market.”

The Tokyo-based firm has made quite a few bulletins associated to the expertise in current months. These notably embody a bitcoin-based payroll system, which it mentioned could be made obtainable to its personal staff. GMO has additionally unveiled providers constructed round know-your-customer and anti-money laundering instruments.

Image by way of Shutterstock

The chief in blockchain information, CoinDesk is an impartial media outlet that strives for the very best journalistic requirements and abides by a strict set of editorial insurance policies. Have breaking information or a narrative tip to ship to our journalists? Contact us at information@coindesk.com.

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