Japan’s internet group GMO is planning to manufacture and sell 7nm Bitcoin (BTC) mining chips starting in June this year. The Tokyo-based Japanese internet giant is also thinking of using the chips for carrying out its own mining operations. The information related to this was revealed by the company engaged in internet-related business during its first-quarter results announcement. Also, the Japanese company listed in the first section of the Tokyo Stock Exchange recently announced the addition of more cryptocurrencies to its loan program following the addition of Bitcoin at the time of launch.
GMO Internet Group To Build Chips In Two Versions
As per the announcement made by the Japanese conglomerate during its first-quarter results 2018 fiscal year, the company is building two types of chips called V1 and V2. V1 is the prototype of the original 7nm mining chip whereas V2 will be used for mass production of the 7nm mining chips which will be used in-house by the GMO Internet Group. The company will use this version for its mining operations, cloud mining and also sell it to the public. The V2 mining chip will go into the production phase in the fourth quarter of 2018.
Interested users can reserve their version of chips through an application and they will be able to carry out the mining process on their computers. The operations for the V1 card will start in June whereas V2 operations will begin sometime during October 2018.
GMO Adds More Cryptocurrencies To Its Loan Program
GMO has now added Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) to its platform. Through this loan program, users can rent out their digital currencies and can receive a rental fee depending on the quantity of digital currency they have lent. The Japanese cryptocurrency exchange has said that the application process has already started from May 9 and will continue up to May 23, 2018. In the case the applicants are more than required, the decision will be taken using lots.
The loan program of GMO allows the users to lend between 100 and 1,000 ETH, 50 and 500 BCH, 300 and 3,000 LTC, and between 100,000 and 1,000,000 XRP. The time of maturity is 150 days after which the borrowers should return the cryptocurrencies to the lenders in the original amounts as well as types. The rate for loan interest comes to around 5% exclusive of the taxes on the loan fees.