GMO Internet, the Japanese IT behemoth has unveiled its new Bitcoin ASIC miner that uses a 7nm chip. The hardware is touted as being a “from-the-ground-up” Bitcoin mining rig designed in Japan but built in Taiwan. The launch of the miner is another feather in the cap of GMO Internet as it solidifies its position in the Bitcoin market. The company has in recent years expanded from its IT roots to be a major player in the Bitcoin mining arena. Recently, the firm announced the launch of its Bitcoin-based rewards system for mobile gaming.
The new GMO Internet miner – the B2, uses a 7nm chip which offers improved hash power for Bitcoin mining. This increased hash power comes with the added advantage of reduced electricity consumption which could make it a tempting proposition for commercial Bitcoin miners. Cryptocurrency mining is an energy-intensive activity requiring lots of power not just to support the computers but to also run the cooling systems that prevent mining rigs from overheating. For this reason, many mining facilities are situated in areas of cold climate to reduce the cost of running the cooling apparatus.
The B2 operates at a hash rate of 24TH/s and consumes about 1,950W. This means the GMO Internet Bitcoin mining hardware requires 81W for every 1TH/s of its operation. At its unveiling, the company announced that the B2 would sell for a retail price of $1,999. The company has already begun accepting orders and will commence shipment of the units in October 2018. The B2 miner has been in development since September 2017. At the time, the company declared that it was researching Bitcoin mining technology.
GMO Internet doesn’t seem intent on merely introducing a miner into the market. The company wants to become the dominant player in the Bitcoin mining industry. To do that, GMO Internet will have to upstage Bitmain, the Bitcoin mining hardware leader.
Comparing both the GMO Internet B2 and the Bitmain Antminer S9, the B2 offers more hash power than the Antminer S9. The S9’s rated hash power is 14TH/s, but it consumes 1,300W. In the end, it might come down to price as the Antminer S9 costs $837, about 140 percent less than the B2.
In less than one year, GMO Internet has managed to establish itself in the Bitcoin mining arena. The company first decided to enter the market in 2017, with an initial investment of $3 million. Between March and May 2017, the company had mined 300 BTC and 900 BTC in its facility in Northern Europe. GMO Internet also runs a wallet service as well as a cryptocurrency exchange platform.