GMO Internet Group plans to GMO miner B2 on June 6, 2018, which will be followed by an information session in Tokyo, Japan. During the launch, details on the GMO miner B2’s performance and the price will become available to potential buyers.
Once launched, the GMO miner B2 will become the first bitcoin mining machine in the world to feature a 7 nanometer (7nm) processor. The high-performance computer features a semiconductor chip known as ‘GMO 72b’ and will start shipping by the end of October 2018.
From Wallets to Mining
After in creating bitcoin wallets during January 2017, GMO began researching leading mining technology in September 2017.
GMO’s statement regarding mining technology, they made it clear that they thought – and perhaps other cryptocurrencies – could create a “borderless economic zone,” as by BTCManager in September 2017. The company proceeded to invest close to 10 billion yen ($90 million) in researching on semiconductors and establishing their data centers.
Diego Guiterrez, the chief executive of the mining software company RSK Labs, commented at the time, “The ones at risk are the ones still trying to recover their investment because they will be four times less productive. The other mining chip developers will surely follow and create their own 7 nm chips if they are not already doing it.”
The Journey to GMO’s Miner B2
Miner B2. Source:
By developing a high performing mining computer in less than a year, GMO has demonstrated its commitment to growing its mining business. In December 2017, GMO Internet Group made public its plans to through the establishment of new facilities in North Europe.
In the same month, the company that it would be remunerating its employees in bitcoin. This was done to strengthen its approach to the virtual currencies. The announcement said that it is essential to improve their virtual currency literacy by actively using virtual currency.
GMO 72b version chip powers GMO miner B2. According to the company, two versions of the 72b chip are under development. While version one is the first prototype of 7nm mining chip, mass production of version two chips is set to begin in Q4 of 2018.
The company plans to use this version in its mining operations and cloud mining, as well as sell the mining chip to the public.
The Race to 7nm Chips
Considering that cryptocurrency mining activities require high performing machines with the capability to perform highly intensive and sophisticated computations, there are expectations that GMO miner B2 will be low in energy demands yet high in hashing power.
According to the company’s website, the power efficiency of GMO miner B2 will boost profits for miners. GMO Internet Group has had its mining facilities running since December 2017. According to a available on its website at the beginning of May 2018, the company mined 537 bitcoin cash and 906 bitcoins in April 2018.
Even so, GMO Internet Group is not the only tech company that is carving a niche in the cryptocurrency industry by integrating 7nm chip technology in its miners.
are also participating in the 7nm chip race. Driven by economic incentives, these multinational businesses entering a new market brings more competition; in turn, this should lead to greater innovation and efficiency in bitcoin mining, helping to address to often-cited over centralization.
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A South African gang who recently abducted a teenage boy, have on Sunday, May 20, 2018, demanded ransom in the form of bitcoin of approximately $120,000.
, Katlego Marite 13, on Sunday afternoon, while playing with his friends in Frangipani Street, Tasbetpark Extension 3, Witbank, was suddenly dragged into a car. As reported by , witnesses stated that a gold Toyota Corolla with three occupants had pulled up near the teenager.
mentioned that a man, dressed in black with a green jacked quickly grabbed the teenager and dragged him to the vehicle as they drove away. The abducted teen’s friends reported the incident to his mother who informed the police.
“We are investigating a case of kidnapping that happened on Sunday in Witbank,” said Leonard Hlathi, a police spokesman. “There was a demand that was made that the parents should deposit cash in bitcoins.” Local media mentioned that the ransom note was left at the kidnapping scene.
Cryptocurrency Demand First of its Kind in South Africa
While South Africa has experienced an increase in kidnappings, the cryptocurrency ransom demand is the first of its kind. The ransom note mentioned that “this is a kidnapping… we demand a ransom of 15 to be paid into the below bitcoin wallet address to secure your child’s safe release – non – negotiable.”
The ransom also had deadlines for payment. The first part of the amount was due on Monday, May 21. The kidnappers mentioned in the ransom note that they would murder the teenage boy if the parents were unable to meet the demand. The note also said not to involve the police. A spokesperson for the police department stated that the boy’s parents are “going through trauma.”
“They don’t even know what this bitcoin is,” said Hlathi. “They’re devastated, and you can see they’re worried and asking themselves: where’s our son?” The boy’s mother pleaded with the kidnappers to “bring back [her] son.”
Unfortunately, Hlathi could not reveal further details since the matter is currently under investigation.
Ransoms Demanding Cryptocurrencies on the Rise
Although cryptocurrencies were worth very little half a decade ago, they now hold a lot of value, especially since has become a popular payment method for ransoms over the past few years.
In December 2017, reported a situation where Ukraine kidnappers had released an employee at a UK-registered cryptocurrency exchange after receiving $1 million in bitcoin as ransom. A blockchain analyst and expert Pavel Lerner was kidnapped on December 26. 2017.
“This is the first of such case in Ukraine linked to bitcoin,” said Anton Gerashchenko, an adviser to Arsen Avkov, Ukranian Interior Minister. It remains unclear who paid the ransom. “At the moment, he is safe, and there was no physical harm inflicted on him,” said the company statement.
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