While Japan has been in the midst of political aggression from the North Korea, China, and the USA then despite all of this outside pressure, this small island has managed to become world's leader in the bitcoin activity. Japan was the first country to officially recognize bitcoin as a currency while permitting merchants to accept, refund and hold the forefather of the blockchain currencies. Latest bitcoin related news is coming from this regions internet giant, known as GMO, and their public statement towards the plan of building a next-generation internet center that will be mining bitcoin with the renewable energy sources. How is GMO planning to control upwards of 6% of the bitcoin mining network hash power
GMO Bitcoin Mining Farm Powered by 50000 Seven NanM Chips
For those of you who are not familiar with what it takes to stay competitive in the bitcoin mining industry then let us help you by explaining what it consists of. In order to sustain competitive mining costs, one must have access to a lot of cheap electricity, in order to run rigs with a lot of hashing (processing) power and fast & stable internet connection to keep processing new transactions on the tamper-proof blockchain network. Needless to say, electricity is expensive in most of the regions due to us converting energy from the fossil fuels but GMO does not plan to continue this notion. The future GMO center will be powered only by renewable energy sources which will result in a cost of electricity for the mining coming down drastically while building itself is going to cost around $32 million U.S. Dollars, which is around 10% of companies consolidated noncurrent assets. If you analyze current BTC network information on the blockchain.info then we could see that this type of power could yield around 6% control of the whole bitcoin mining network by the first half of 2018 when GMO plans to launch their farm.
Japan As The Main Bitcoin Hub
Japan is fixed on becoming one of the leading FinTech HUB's in the world and what they have done already is securing them a high position on the ladder, the fact that regions giant corporations are making GIGANTIC investments into the field of blockchain technology and digital currencies mining would make one believe that there are positive gains to follow. The region is currently in aggressive bitcoin marketing stage while building a foundation for facilitating cross-sector merchant acceptance on the back of different partnerships with the companies focused on the development of the blockchain technology. Satoshi Nakamoto had a vision for a completely decentralized society and it is up to us to turn his vision into a reality!