Thursday, October 26, 2017

GMO Will Hold an ICO to Fund Its Chip Development

Back in September, news hit the press that a Japanese company was developing what are essentially the next generation of Bitcoin mining equipment. The company in question, called GMO, outlined its intentions to create mining boards that are equipped with 7nm ASIC chips – dramatically improved over the current 16nm used today.
Fast forward a few weeks and we have just picked up on some fresh information related to the technology. Specifically, GMO as reported that it is going to use an initial coin offering (ICO) to underpin its sales efforts for its new Bitcoin mining operations.
While we don't know the terms of the sale and the structure it will accommodate, the company has said that it will be conscious of the protection of token purchasers and stakeholders’ profits when designing the token sale.
That's pretty vague, but chances are that it will involve offering customers the chance to purchase tokens ahead of production and then use these tokens to buy the mining equipment as and when it becomes available.
Here's the company's official line on the legal side of the development:
"We will consider properly the laws and regulations that are applicable to us under the current legislation including Payment Services Act and the Financial Instrument and Exchange Act.”
Beyond 7nm, GMO is also working on the development of mining equipment equipped with 5nm and 3.5nm chips. However, it's worth noting that, in reality, these sorts of cheap powers are a long way off and is probably going to take a few years before they are available for mass production.
According to the company, with the 7nm chips, it will be possible to reduce power consumption compared to the existing mining machines with the same performance, and achieve a computational performance of 10TH/s per chip.
That's a major shift and one that could change the face of Bitcoin mining as we know it long-term.
Source bitconnect

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